Colombia’s top oil company to bolster offshore exploration

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


Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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