Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) presents additional information on the financing of its capex budget for 2014. The breakdown of the capex is as follows:
- The initial declaration may incorporate 1P reserves estimated at 22.4 million barrels of oil (including royalties).
- The development plan establishes increasing production from 1,727 to 25,000 barrels per day by mid-2016, drilling 135 development wells, and investing US$ 656 million.
- Production is 100% owned by the Company.