BOGOTA, April 16 (Reuters) - Colombia’s state-owned oil company Ecopetrol said on Wednesday it has received authorization from the nation’s finance ministry to issue up to $2 billion in corporate bonds through 2016.
Colombia’s biggest oil company plans to spend $10.6 billion in 2014, two thirds of which will be in exploration to raise the country’s low reserves, and production.
The company’s long term investment plan foresees spending $75 billion through 2020 to roughly double output to 1.3 million barrels of oil equivalent per day (boed).
The company said in a statement that some further steps needed to be completed with the finance ministry before it proceeds to sell new debt.
Colombia’s government bonds were given a boost last month when J.P. Morgan announced it would raise their weighting in two of its indexes, causing a surge in foreign investment into the financial sector that has strengthened the peso. (Writing by Peter Murphy; Editing by Bernadette Baum)