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helloween
06.03.2019 kl 07:31 1714

Ecopetrol to spend $500 million on fracking over three years: CEO

NEW YORK (Reuters) - Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region.

“We’ve applied for some licenses, we will apply for more... roughly 20 wells that will need to be drilled, fracked, cored, lobed, there’s lots of activity, so there’s quite a bit of investment,” Ecopetrol’s Chief Executive Felipe Bayon told Reuters in an interview.

The proposed $500 million is part of the $12 billion to $15 billion allocated by Ecopetrol to investing between 2019 and 2021, said Bayon, adding that these pilot programs would involve participation of nearby communities as well as regulators, authorities and unions.

“The advantage of the pilots is it’s like having a fish bowl you know everybody can look into and be comfortable with what’s being done.”

https://www.reuters.com/article/us-ecopetrol-ceo/ecopetrol-to-spend-500-million-on-fracking-over-three-years-ceo-idUSKCN1QM2PA

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