CERAWeek: Ecopetrol to focus on expansion, trade after completing budget cut -Bayon, CEO
Petroleumworld 03 05 2018
Colombia's Ecopetrol plans to look for assets to buy and participate in auctions in the United States and Latin America this year, after completing a $2.35-billion budget cut, Chief Executive Felipe Bayon told Reuters on Monday.
The company expects its oil and gas production to remain flat or to rise slightly this year to 725,000 barrels of oil equivalent per day (boepd) under an investment budget of $4 billion almost completely focused on exploration and production.
Ecopetrol's main refinery - the 165,000-barrel-per-day Cartagena - has increased crude processing to 154,000 bpd, while the Barrancabermeja refinery is expected to restart in seven to 10 days after completing maintenance work, Bayon said on the sidelines of CERAWeek by IHSMarkit energy conference.
Reporting by Marianna Parraga from Reuters
reuters.com / 03 04 2018
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