Ecopetrol, Colombia's publicly traded, state-controlled oil company, said on Friday it will spend as much as $75 billion by 2020 to lift oil and gas production to 1.3 million barrels of oil equivalent per day (boed). Javier Gutierrez, chief executive officer of Ecopetrol, said that around 85 percent of the capital expenditures would be dedicated to exploration and production projects. "We have five hydrocarbon discoveries in Colombia ... with an 83 percent success rate in exploration," Gutierrez said. Ninety percent of the new projects will occur in Colombia, and are expected to mainly be funded through internal cash generation.
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