Page 14 - LatAmOil Week 08 2021

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Integrating the two phases of the facility and Bretaña, PetroTal said.
extending the CPF’s loading dock so that it It also stated, though, that it intended to
can handle larger volumes of crude oil will cost spend about $1.8mn on the continuation of
another $3mn. Most of the remaining funds technical and permitting work at another
from the capex budget will be used to purchase licence area known as Block 107, plus at least
“injection pumps, electrical infrastructure and $1mn on community projects such as fuel sup-
various field and security upgrades” for use at ply and bridge construction. ™

COLOMBIA
Ecopetrol rolls out investment

budget for 2021-2023 period

COLOMBIA’S national oil company (NOC) to an adverse and volatile environment,” he said.
Ecopetrol has announced plans to invest $12- Ecopetrol has said that its net profits dropped
15bn in its operations during the 2021-2023 to COP1.69 trillion ($470.1mn) in 2020, down
period. from COP13.3 trillion in the previous year.
In a statement dated February 24, the com- The year-on-year decline was also obvious in
pany said it intended to make organic invest- the fourth quarter of last year, when net profits
ments of $4-5bn per year during this interval. amounted to COP675bn, down from COP4 tril-
It also quoted CEO Felipe Bayon as saying that lion in the same period of 2019. ™
this level of investment would allow the NOC
to turn a profit in 2021, as long as Brent crude
prices averaged $45 per barrel. Bayon also said,
though, that the base price would be raised to
$50 per barrel in the future.
At a press conference held to discuss Eco-
petrol’s results, the CEO noted that the NOC
had said in December that it was set to invest
some $3.5-4.0bn in its business in 2021. The
revised programme includes those funds, he
told reporters, without elaborating.
He also stressed, though, that the company
had survived a difficult year marked by the coro-
navirus (COVID-19) pandemic. “Ecopetrol
managed to meet this unprecedented challenge,
demonstrating its resilience and ability to adapt Ecopetrol will invest $4-5bn per year in 2021-2023 (Photo: Colprensa)

P14 www. NEWSBASE .com Week 08 25•February•2021