Colombia's Ecopetrol has announced long-term investment plans that will aim to more than double daily production by 2020. Over the course of this period, the company expects to spend $80 billion.

As well as expanding its domestic exploration and production campaign, the company has also pledged to conduct upstream operations in Brazil, the Gulf of Mexico and Peru in order to reach its intended production target of 1.3 million barrels of crude a day.

In an interview with the Washington Post, the country's commander of the armed forces General Freddy Padilla said troops will be trained in seismic testing to assist in exploration and production.

Ecopetrol is Colombia's largest company and in the first quarter, it produced an average of 586,400 barrels of oil per day; total national production in May averaged 764,000 barrels per day, according to official figures.

In its first-quarter results, the company announced strong operational margins and earnings, while organic investment increased 31 per cent year-over-year.

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