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Colombia's state-controlled Ecopetrol plans to expand its
production of crude oil in 2020, with a target to increase
production by around 4% year-on-year, as CEO Felipe Bayon announced
recently. He also noted a significant increase in the company's
capex for this year, which is estimated to reach USD five billion,
25% up than earlier anticipated. This is primarily due to
additional costs of joint ventures announced recently with
Occidental Petroleum in the Permian Basin and with Shell in
Brazil's offshore Pre-Salt field. These projects could add more
than 100,000 b/d to output in the coming years.
In terms of current production, output stood at 585.4 thousand
b/d in the third quarter, having marginally declined from 594.6
thousand b/d in 2018 Q3 and 584.9 thousand b/d in the last quarter.
For this recent decline, the company has blamed "external events"
including 27 pipeline bombing attacks by suspected rebels over the
last quarter.
Seaborne exports have been around 400,000 b/d during the last
few months, with a noticeable increase in the market share of VLCC
and Aframaxes. China, USA and other Asian importers continue
absorbing most of the country's shipments.
For more information on liquid bulk trade flow visit Commodities at Sea.
Posted 15 November 2019 by Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, IHS Markit
