Ecopetrol S.A. announces that its Board of Directors has approved the Capex budget for 2014. The approved investments total US$10,595 million, of whichUS$6,463 million will be directed to Ecopetrol S.A.'s projects and US$4,132 million to affiliates' and subsidiaries' projects (of which US$1,908 million will be funded by Ecopetrol S.A.).

I. Ecopetrol S.A.'s Capex budget (US$6,463 million)

The following is a description of the main projects that Ecopetrol S.A. plans to carry out in 2014 in its different business segments:

Exploration (US$928 million)

In 2014, Ecopetrol S.A. plans to drill 20 exploratory wells, 6 appraisal wells and 8 stratigraphic wells in Colombia. Of the exploratory wells, 13 are expected to be drilled in the area of Llanos (Meta and Arauca provinces), 2 wells in the Caribbeanoffshore, 2 wells in the southern region (Huila province) and 3 wells in the northern region (Cesar, Antioquia and Norte de Santander provinces).

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