Bogota: Ecopetrol, Colombia’s state-owned oil company, will bolster its offshore exploration efforts as it tries to weather the trend of plummeting oil prices, its new president has announced.
Juan Carlos Echeverry told a Bogota radio programme the company’s strategy for getting through this period of slumping oil prices would mean Ecopetrol strengthening its commitment to offshore drilling as well as cherry picking its best onshore wells
The $55bn company, which is 88% government owned, will be looking mainly offshore Colombia and in the Gulf of Mexico for new potential wells.
As well as venturing more offshore the company will focus on 20 of its high-yield wells onshore.
Ecopetrol’s net profits dropped 42.7 percent last year because of the global fall in crude prices, lower sales and guerrilla attacks against pipelines