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Ecopetrol had its last board meeting of the year on Sunday December 16th which approved the capital expenditure (CAPEX) budget for 2013. The company will invest over US$9.5B or about the equivalent of a quarter’s worth of revenue across all its varied businesses. The ‘mother ship’ will get about 70% of all CAPEX although this varies considerably across the various business units. We found it surprising that investments outside Colombia will get 11% of total Exploration and Production investment (US$654M) even though today, these represent only about 1% of current production.

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