RTTNews | Dec 14, 2020 07:04AM EST

07:04 Monday, December 14, 2020 (RTTNews.com) - Ecopetrol S.A. (EC) said Thursday that its board of directors approved the 2021 organic investment plan for the Ecopetrol Group for an estimated amount between $3.5 and $4 billion.

The company noted that the plan is oriented towards restoring the Ecopetrol Business Group's growth path by focusing on the execution of key assets development plans, and the preservation of asset value.

According to Ecopetrol, 80 percent of the investments are expected to be allocated to projects in Colombia, while the remaining 20 percent is expected to be invested mainly in the development of projects in the U.S. and Brazil.

The plan projects production of hydrocarbons to be between 700 and 710 thousand barrels per day in 2021, a greater joint refining throughput of between 340 and 365 thousand barrels per day, and transported volumes over one million barrels per day. It is expected that the Ecopetrol Business Group's production levels will be approximately 750 thousand barrels by 2023.

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