Ecopetrol, Colombia’s state-controlled oil and gas company, plans to reduce production this year as a result of a 40% cut in its investment budget necessitated by low oil prices. Targeted production of 755,000 BOE/D this year is down from a target of 760,000 BOE/D a year ago. The company has budgeted USD 4.8 billion for investment, compared with USD 6.7 billion last year.