The Santiago, Chile-based operator said it planned to invest between $60 million and $70 million in 2015, compared to a guidance outlay of between $220 million and $250 million last year.
While only targeting flat to 5% output growth, the company said it maintained the flexibility to ramp up investment if prices recover from current assumptions of $45-$50.
The bulk of the 2015 work programme will go on developing production at the Tigana and Tua oil fields in the Llanos 34 Block in Colombia, where low-risk production growth can yield operating netbacks of $15-20 per barrel even at $45-50 oil prices.
Geopark
