Ecopetrol to Invest $10.6 Billion to Boost Output; Eyes Stake Sale in 2011

Ecopetrol SA, Colombia’s largest oil company, said it plans to invest $10.6 billion in 2011 as it seeks to almost double production over the next decade.
The Bogota-based company may spend more if it makes acquisitions, it said today in a statement.
Ecopetrol is exploring for oil across Colombia, and in Peru, Brazil and the U.S. Gulf of Mexico as it spends more than $80 billion through 2020 to almost double output from last year. To fund investment, Ecopetrol may sell a 9.9 percent equity stake, sell bonds abroad or in Colombia, borrow from banks or sell stakes in non-strategic assets, the company has said.
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Source: Bloomberg