MercoPress. South Atlantic News Agency

Colombia joins race to become energy independent by 2020

The target is 1.3 million bpd

Colombian state oil company Ecopetrol said it expects to produce 1.3 million barrels per day of “clean” oil equivalent by 2020 and that some 80 billion US dollars in investment will be needed to meet the target.

The 2011-2020 strategic plan approved by the board of directors also sets Ecopetrol the goal of becoming one of the world’s 30 largest oil companies within 10 years and calls for production by 2015 of 1 million barrels per day of “clean” oil equivalent, meaning “production of crude without accidents or environmental incidents and in harmony with interested parties”.

To meet its objectives, the company plans to invest some 80 billion USD through 2020, with 79% of the total allocated for exploration and production and the remainder “destined to refining, transport, and marketing and bio-fuel areas”.

Ecopetrol currently produces 586,000 boe and has set a goal of increasing that total to 871,000 boe by next year.

Besides Colombia, where it accounts for 60% of total production, Ecopetrol is involved in exploration and production activities in Brazil, Peru and the U.S. Gulf of Mexico.