Ecopetrol said it aims to make the investments between next year and 2020.
“The 2020 business plan contemplates investments of around $13 billion under an average price scenario of $50 per barrel (of crude oil), or $17 billion million under a $70 per barrel scenario, with nearly 90% of the investments to be allocated to upstream,” the company said.
Spending in upstream could reach $11.5
