BRIEF-Ecopetrol updates its 2020 business plan

Fri Sep 30, 2016 12:31am EDT
 
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Sept 30 (Reuters) - Ecopetrol Sa :

* By 2020, at an average price of $50 USD/BL, estimated production would reach 760 mboed, equivalent to a 6% growth vis a vis 2016

* As for exploration, at least, 1.000 million barrels of contingent resources are expected by 2020

* New 2020 plan of Ecopetrol Group modifies plan presented in May 2015

* Plan contemplates a cash surplus of more than $4.800 million, a dividend distribution policy of about 40%

* Plan contemplates proceeds in a range of USD 700 million to USD 1.000 million from asset divestments Source text for Eikon: Further company coverage: