Colombian state-owned oil company Ecopetrol will presumably invest $3 to $3.5 billion in 2019. That is the same figure as the forecast for this year.

The company announced it would drill 620 wells and double the number of rigs in operation this year. Thus, the spending is the keystone of an ambitious plan to promote production and explore oil to replenish dwindling reserves.

Ecopetrol intends to reach $3 billion to $3.5 billion in investments this year. That is regardless of spending just $1.79 billion through the third quarter.

 

“We need to keep doing more work internally, but the idea is that we will be in that range of $3 to $3.5 billion for this year. It’s the range with which we’ll possibly enter next year and which in some way denotes stability in operations,” CEO Felipe Bayon stated.

However, Ecopetrol’s board is still working on accepting that investment for 2019, a spokesman stated. The company is working to decrease the impact of social protests. They have temporarily shuttered three fields in February and kept the first-quarter investment to just over $400 million.

In August the company curtailed its investment forecast for 2018 from $3.5 billion to $4 billion due to protests and spending delays.

Net profit has drastically changed by 177 per cent to more than $866 million in the third quarter. Consolidated oil and gas production increased to 724,000 barrels per day (bpd), just under the company’s 725,000-bpd goal for the year.

Output has not been affected by nearly continuous attacks on the Cano Limon-Covenas pipeline yet. Although the pipeline can transport up to 210,000 bpd, it has mostly been offline due to bombings and illegal taps.

Production from the Cano Limon field, operated by Occidental Petroleum Corp, has been routed through a second pipeline.