Colombia's Ecopetrol states board OKs $6.738 bill 2011 investing

Ecopetrol's board of directors has actually authorized an investment plan for 2011 of $6.738 billion, the Colombian state-led oil business said Tuesday.

coating additives spending plan of $1.807 billion for jobs still in advancement will certainly exist to Ecopetrol's board of supervisors for approval throughout the years, the business stated in a statement.

Of the feasible $8.545 billion total amount for 2011, $1.512 billion is slated for "intercompany" contributions and also fundings to Ecopetrol's subsidiaries and affiliates, and also does not include funds for possible procurements, it said.

Ecopetrol said 95% of the costs will remain in Colombia and also the staying 5% is for exploration and also production projects along the US Gulf Coast, Brazil, and also Peru.

Ecopetrol prepares invest $1.293 billion in 2011 to drill 40 exploratory wells, with 28 of them in Colombia, mostly in Llanos Orientales, and the rest along the USGC, Brazil, and also Peru, the business claimed.

Ecopetrol intends to proceed operate in all of its blocks in Colombia, including 10 lately provided by the National Hydrocarbon Company, it claimed. The business additionally plans to explore the advancement of non-conventional sources, such as shale gas, it stated.

One more $3.848 billion in costs is prepared for continued crude and gas production, anticipated to rise 24% from 2010 degrees to 697,000 b/d of oil equivalent in 2011, Ecopetrol said.

A lot of the investing will certainly be for tasks in the Llanos Orientales, particularly heavy crude growth at the Castilla, Chichimene, and also Rubiales fields, the firm claimed.

Ecopetrol has actually approximated $1.283 billion costs in its refining as well as petrochemicals sector, many into its "industrial solutions task," the prepared modernization of its Barrancabermeja refinery, and the expansion and also modernization of its Cartagena refinery.

Ecopetrol prepares to invest $1.729 billion in 2011 in its transport field, "augmenting crude evacuation capability" by 450,000 b/d and diluting naphtha to 90,000 b/d from 45,000 b/d. Both of these projects will certainly enable Ecopetrol to improve its production of hefty crude, it said.

Furthermore, Ecopetrol intends to boost facilities at its Covenas port to increase the motion of VLCCs right into it.

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