Colombia Oil Producer Cuts Bond Target

Ecopetrol has decided to reduce the size of a bond issuance program it will ask shareholders to approve, to $4.0bn from $8.1bn. The Colombian state-controlled oil producer announced last month it planned to seek approval for $8.1bn at the annual shareholder meeting March 26. The bonds could be issued in the domestic or external markets, and Ecopetrol has not indicated any other details. It plans to invest some $60bn between 2009-2015 in exploration, extraction and other activities. A debt offering would be Ecopetrol’s first public placement in over 10 years.