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Ecopetrol decreases 2020 CAPEX

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Oilfield Technology,

As reported by Reuters, Ecopetrol has cut its investment plans for the second time this year due to the sharp drop in oil prices, which also means reduced production.

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.

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