Ecopetrol (EC) said Thursday it plans to invest 22 trillion Colombian pesos ($5.87 billion) to 27 trillion pesos next year.

Roughly 70% of the planned investment will go toward producing 730,000 to 740,000 barrels of oil equivalent per day, among other things, with the rest to be invested in energy transition and power transmission projects, as well as roads and other corporate investments.

The company said the latest investment plan considers "a challenging environment," with a projected Brent price of $60 a barrel. "Accordingly, Ecopetrol Group has defined a strategy to safeguard profitability and liquidity through cost reductions," it said.

The company expects its profitability and efficiency program to contribute roughly 5.7 trillion pesos, among other benefits, it said.