Colombia’s state oil company Ecopetrol SA will continue its foray into shale plays in 2021, principally in the prolific Permian Basin in the United States but also in a pilot program at home.

South America gas

The company will spend more than $600 million in unconventional plays next year, part of an overall capital expenditure (capex) plan of $3.5-4 billion for 2021.

Overall capex is in line with 2020.

The 88.5% state-owned company, whose shares trade on the New York Stock Exchange and the Colombian stock market, earlier this year slashed its 2020 capex by $1.2 billion to a new range of $3.3-4.3 billion, citing plummeting oil prices and the coronavirus pandemic.

Twenty percent of 2021 funds would be destined overseas to assets in Brazil and the United States, the company announced Dec....