Colombian state oil company Ecopetrol is seeking to invest a total of $8.477 billion in 2012. The investment plan has been approved by the received board of directors.

Out of total investment amount, $7.45 billion is expected to be invested directly in Ecopetrol and $1.025 billion in other companies of the corporate group, adds RTT News. As per the plan, 94 percent of the capex is being allocated to projects in Colombia, and the remaining 6 percent will be allocated to exploration and production projects along the U.S. Gulf Coast and Brazil and Peru.

Click here for the release from PR Newswire.

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