Ecopetrol S.A. reports that in 2019 the Ecopetrol Business Group (GEE) expects to invest between US$ 3.5 – 4 billion, up 16% to 33% over the projected 2018 figure.
The plan approved by the Board of Directors aims to ensure the company's strategy of growth and consolidation, with efficient, profitable and safe operations. Investments have been prioritised with a view to maintaining capital discipline and a focus on ensuring the company's future sustainability by increasing reserves and hydrocarbon production.
The plan is centred on growth in the upstream segment, which accounts for 81% of total expected investment.
Investment in the downstream and midstream units is expected to be focused on ensuring the reliability, integrity, performance standards and operating efficiency of the Barrancabermeja and Cartagena refineries, and of the entire oil and polyduct pipeline network.
The company says that increased synergy and integration between the two refineries is expected to continue, as well as the assessment of particular opportunities for profitable growth aimed at increasing the supply of clean fuels to the local market, in line with growing demand.
Throughput of 223 000 bpd at Barrancabermeja and 152 000 bpd at Cartagena is expected (under the scenario of the projected 375 000 bpd).
Throughput maximisation, a greater expected yield of high-value products and the ongoing optimisation of the crude diet at Reficar and Barrancabermeja support a view of improved refining margins.
The plan includes development funds to promote the incorporation of renewable energy sources, the company's digital transformation programme and the development and implementation of technologies to optimise the operation through the value chain.
Read the article online at: https://www.hydrocarbonengineering.com/refining/28112018/ecopetrol-to-invest-us35-4-billion-in-2019/