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In a gathering to commemorate Colombia’s Ecopetrol SA’s 10th anniversary of NYSE listing, CEO of the company informed that they are going to increase the drilling activity and secure operational licenses. This decision has been taken in order to achieve 2018 $3 billion to $3.5 billion capital plan of the company. He also said that the target is becoming a challenge because of the spending delays in the initial years.
An estimated 1.3 billion barrels of oil reserves are found in the Southeastern region of Colombia by the oil companies Ecopetrol and Talisman Energy. This is an important addition to the shrinking reserves the Andean country has been urgently trying to boost. Ecopetrol, last Thursday, had said that it had discovered crude in the Caño Sur Este block with proven reserves of 22.4 million barrels.