March 5 (Reuters) – Colombia’s state oil producer Ecopetrol plans to review its investment plan in April should oil prices, pushed up by the U.S.-Israeli war with Iran, continue to rise, it said on Thursday, adding it was eyeing opportunities with Venezuela.
For now, Ecopetrol predicted it will invest an amount closer to the top of its 22 to 27 trillion peso range ($5.79-7.11 billion), given higher crude prices resulted from the conflict.
Ecopetrol CEO Ricardo Roa said in a call he had again asked the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to lift restrictions on negotiating with Venezuela, as it sees opportunities for deals with the neighboring country.
Roa pointed to options such as an exchange of resources for light crude, which is abundant in Venezuela, or other products.
Washington took control of Venezuelan oil exports after it captured President Nicolas Maduro in an attack on the capital on January 3.
Ecopetrol’s Chief Financial Officer Camilo Barco added that the company may need to take on additional debt if it sees opportunities for inorganic growth – such as acquisitions or assets purchased.
This would be “always under the premise of preserving a controlled leverage ratio,” Barco told investors in the call.
Ecopetrol will distribute a dividend of 110 pesos per share on March 27, it added, equivalent to 50% of last year’s profit.
Shares rose over 7% in early trading to 2,340 pesos per share, while in New York, its ADRs also rose close to 7%.
Brazil Energy Insight 
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