Ecopetrol S.A. (EC; ECP.to) announced that its board of directors has approved the investment plan of $9.55 billion for the year 2013, including $6.590 billion or 69 percent, to be invested directly in Ecopetrol and $2.96 billion or 31 percent, in affiliates and subsidiaries.
The company said 95 percent of the total investments is planned to take place in Colombia, with 62 percent of total investments allocated for exploration and production.
Ecopetrol's estimated average production, including interests in affiliates and subsidiaries, is 798 thousand barrels of oil equivalent per day in 2013.
Ecopetrol noted that the approved 2013 budget does not include potential acquisitions. If considered, they would be analyzed and approved on an individual basis by the board of directors.
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