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Ecopetrol, Colombia’s state-controlled oil producer, wants to raise $500 million in Q4 by tapping debt markets for the first time in more than a decade to help fund investments and meet rising China's oil demand.
Chief Executive Officer Javier Gutierrez says that Brasil has “big, big potential,” adding that Ecopetrol is “interested in acquiring new positions.”
Gutierrez also says that Ecopetrol may sell a 9.9 percent stake in 2011 or 2012 to raise billions.
Colombia is South America's the third-largest crude producer, behind Venezuela and Brasil. It plans on boosting output to 1 million barrels a day by 2015 and 1.3 million barrels in 2020. The company delivered 593,900 barrels a day in Q2.
