Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million i...
NEW YORK - Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region.
The proposed $500 million is part of the $12 billion to $15 billion allocated by Ecopetrol to investing between 2019 and 2021, said Bayon, adding that these pilot programs would involve participation of nearby communities as well as regulators, authorities and unions. Its use is credited for booming oil and gas production in the United States, but environmental activist have blamed it for water pollution.
Bayon said this year’s budget incorporates an estimated price of $65 per barrel of oil, “but all of our investments are tested at $55.”“I can confirm we are reviewing if we do tactical hedging for specific commercial deals,” he said, without giving more details. Ecopetrol will also look to sign more exploration and production contracts this year both in Colombia and abroad.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man who saved Girl Scouts from the cold by buying $500 worth of cookies is arrested on fentanyl, heroin charges'Girl Scout hero' who bought $500 worth of cookies is arrested on fentanyl, heroin charges
Read more »
After Nassar Scandal, Michigan State Lacks Broad Sexual-Misconduct InsuranceIn a sign of the long-lasting fallout from the Larry Nassar sex-abuse scandal, Michigan State University no longer has direct liability insurance covering sexual-misconduct claims.
Read more »
We just got our first look at health insurance startup Clover Health's financials since it raised another $500 millionClover Health lost more money in 2018 as the health insurance startup worked to expand into new states.
Read more »
We just got our first look at health insurance startup Clover Health's financials since it raised another $500 millionClover Health lost more money in 2018 as the health insurance startup worked to expand into new states.
Read more »
Exclusive: Pentagon spent nearly $8 million to treat 1,500 transgender troops since 2016The Pentagon reveals that it has spent $8 million to treat 1,500 transgender troops with gender dysphoria according to data obtained by USA TODAY.
Read more »
Lyft plans to spend $300 million on Amazon Web Services through 2021Lyft has signed up to pay Amazon Web Services at least $80 million per year for the next three years, totaling at least $300 million.
Read more »
U.S. colleges spend millions on security to host controversial speakersPresident Donald Trump has vowed to issue an executive order that would require colleges to ‘support free speech.’
Read more »