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Ecopetrol will invest to improve its oil recovery methods: Echeverry, CEO of Ecopetrol “The 2016 budget has been focused on Exploration and production,” the CEO of Colombian state oil company Ecopetrol (BVC: ECOPETROL; NYSE: EC; TSX: ECP), Juan Carlos Echeverry told Latintrade.com. He announced on Monday a $4.8 billion capital expenditure program for the year, a drastic 40 percent slash from 2015. Close to 40 percent of the new plan – $2.3 billion-, will be dedicated to maintaining current production levels. The goal is to produce 775,000 barrels per day, a challenging task given the reduced amount of resources, some […]
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