Ecopetrol decreases 2020 CAPEX
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
Ecopetrol’s CAPEX for the year now sits in a range between US$2.5 billion and US$3 billion.
In the middle of March, the company reduced its investment plan for the year to a range of between US$3.3 billion and US$4.3 billion, down from the original target of US$4.5 billion and US$5.5 billion.
Ecopetrol, Colombia’s biggest oil company, reported a 95% plunge in 1Q20 net profit, which fell to 133 billion pesos (US$34 million), due to the double shock of plummeting oil prices and surging supply amid falling demand caused by the spread of the novel coronavirus.
The company has reduced its production outlook for the year to a range of between 660 000 and 710 000 boe/d, down from a previous target of around 750 000 boe/d.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13052020/ecopetrol-decreases-2020-capex/
You might also like
Global recoverable oil reserves hold steady at around 1500 billion bbl
Rystad Energy’s latest research shows global recoverable oil reserves held largely steady at around 1500 billion bbl, down some 52 billion bbl from the company’s 2023 analysis.