Chilean oil and gas reserves exploration and development company GeoPark announced that it plans to invest $220 million to $240 million next year, targeting a production growth rate of 15 percent. The plans are based on a Brent crude price at $70 a barrel, but are flexible and could be either expanded or reduced.

Capital expenditures (Capex) will be fully funded by cash flow. The majority of the investments will be allocated in Peru and Colombia, as the company focuses on maximum efficient development of the Llanos 34 block in Colombia and initiate the Morona block project in northern Peru, with production in the first quarter of 2020.

In Colombia, GeoPark plans to spend around $85 to $90 million to continue to develop and appraise the Tigana and Jacana onshore oilfields, as well as target new exploration prospects in the Llanos Basin. Roughly $20 to $25 million of the Capex will go to operations in Argentina, to develop and explore oil and gas targets in the Neuquen Basin.

In Chile, the company will invest some $17 to $20 million to develop and explore both conventional and unconventional oil and gas targets in the Fell and Tierra del Fuego onshore blocks. The program also includes some $3 to $4 million investment in Brazil, aimed at exploration drilling in the Reconcavo and Potiguar onshore blocks.