Ecopetrol Looking To Boost Investments, Output

Ecopetrol EC, Colombia's state-run oil company, plans to increase spending on exploration projects in the coming years with the hope of nearly doubling its oil output by 2015. The company is planning to spend $6.9 billion this year and plans to spend $7 billion to $7.5 billion in the coming years. Ecopetrol pumped about 521,000 barrels of oil per day last year. The company is acquiring assets in Brazil and on the U.S. side of the Gulf of Mexico as part of its long-term expansion plans, according to Bloomberg News. Ecopetrol purchased a 30% stake in an offshore block in Brazil last week. Ecopetrol said in February it will borrow as much as $3.5 billion this year to help fund investment, Bloomberg reported. The company is also looking for ways to expand in Mexico, but those talks are in nascent stages.