Colombia-based oil company Ecopetrol plans to invest between $3 billion and $3.5 billion in 2019.
The spending is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves.
The company has said it will drill 620 wells and double the number of rigs in operation this year.
Ecopetrol’s board is still in the process of approving that investment for 2019.