Colombia’s state-controlled Ecopetrol SA is targeting reduced production next year as the company slashes its investment budget amid falling oil prices.
The combined business group is targeting output of 755,000 barrels of oil equivalent per day next year, down from a 2015 target of 760,000 barrels, Ecopetrol said in a statement Monday. The board approved an investment plan of $4.8 billion for 2016, down from $6.7 billion of planned investments detailed in a September presentation. The new figure represents a drop of approximately 40% from 2015 investment.
Brazil Energy Insight 
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