August 15, 2018 / 1:54 PM / in a month

Colombia's Ecopetrol to invest up to $3.5 bln in 2018, less than expected

BOGOTA, Aug 15 (Reuters) - Colombia’s state-run oil company Ecopetrol said on Wednesday it will invest $3 billion to $3.5 billion during 2018, less than it had previously said it would spend.

Ecopetrol originally planned to spend $3.5 billion to $4 billion in investment in 2018, mostly in exploration and production. First quarter investment was stymied by protests which led to the temporary closure of some fields and laws that restrict public company contracting during elections. The company spent $1 billion in investment during the first half. (Reporting by Julia Symmes Cobb Editing by Chizu Nomiyama)

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