EC - Ecopetrol eyes up to $20B in total investments through 2024
Ecopetrol (NYSE:EC) said it plans to spend between $5.2B and $6B annually through 2040, as it seeks to expand into non-conventional deposits and renewable energy. The Colombian oil producer said it expected $17B-$20B, or 65T-76T Colombian pesos, in organic investment during 2022-24, with 69% earmarked for projects in exploration and production and based on production estimates of 700K-705K boe in 2022 and ~730K boe in 2024. Ecopetrol estimated it will spend $1.87B through 2024 via its participation in fracking projects in the U.S. Permian Basin. The company also said earlier that its proven oil and gas reserves rose 13% last year to 2B boe from 1.77B boe at the end of 2020, thanks partially to a higher Brent crude price used for valuation in 2021 of $69.20/bbl vs. $43.40/bbl in 2020; its reserve-replacement ratio reached 200% in 2021, the highest in 12 years. Ecopetrol's board had previously approved $4.8B-$5.8B in proposed
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Ecopetrol eyes up to $20B in total investments through 2024