We do not have a range to give you for next year in what this payment could be. This will be determined in March in the General Shelter Holders Assembly and as long as soon as we have some information, we will be giving it to you.
Alejandro: [Interpreted] Thank you. Alejandro from HLS from NASA asks how can we expect cash flow for next quarter and which level is sustainable for Ecopetrol?
Ricardo Roa: [Interpreted] Thank you, Alejandro, for the question. One of part of it was already answered by Milena but I give her the floor so that she can answer the question with the expectation of cash flow for the next quarters.
Milena Lopez: [Interpreted] I think that when we look at the free cash flow for Ecopetrol the main subject is that moves this cash flow is the FIPEG account which is a payable and accountable receivings account and inevitably this is the highest limit that we have in the cash flow. I can repeat what I said in the last question is that this balance has been reducing itself quarter after quarter, diminishing quarter after quarter. So if we look at the accumulation figure of FIPEG this year this was about COP 7.9 billion. If we look at the figure in the third quarter this year this was about 0.6, 0.7 billion, 4.7 to be exact and when we look at the figures from here to the end of the year it’s the figures going to be lower because we continued with the increasing gas prices.
So the most important decrease that we’re going to see during next year is going to be this one and we’re going to have the increase in diesel prices and this is going to take us to eliminate from here to the end of next year to generate the elimination of this cash flows in Ecopetrol. I’ve said this many times this policy of dividends from 40 to 60 is what we consider the level of dividends for long term that the Company should have in order to have enough cash to have our plan of investments and cash flow. As there are exceptional events, we have paid the higher dividends and this has happened in last year in order to cross it with FIPEG and it’s important to underline that this has been possible because we have had crude prices that are higher so they go hand in hand and it’s not something different to what our peers have done in other oil companies which is rebuying stocks.
This is something we cannot do so this order of ideas this is what I think that could be the medium-term policy in respect to dividends. Thank you.
Leonardo: [Interpreted] Leonardo from Bank of America asks which are the expectations of production for the fourth quarter and from where should come most of this increase? And also the investments of capital in this quarter have been very high this supposes a higher investment of the Company in the last seven years most of it was in upstream right so does it mean that we’re going to see a higher increase of the production in the fourth quarter?
Ricardo Roa: [Interpreted] Thank you, Leonardo. One of the questions is with the production expectations well for what is left of this year and the expectations of growth for next year we have already mentioned that we expect to close the year with a production close to 730 barrels per day this call as said at the beginning was in 735 barrels per day and we also reported in this third quarter in very important investments in the upstream and also in the energies for low emission energies. And for more detail on to both questions, I give the floor to Alberto Consuey. Thank you.
Alberto Consuegra: [Interpreted] To answer your question, I would say that the highest investment would be on Rubiales and Caño Sur. These have the greatest investment and also the best expectation for production. Of course, the investments for capital this quarter have been very high for capital execution, which means that the number of wells that we had contemplated in the plan and the number of interventions in wells or treatment of wells have been executed in line. And we have 732 wells already drilled by the end of the year. So, in fact, this investment is being given in the off-stream. And as the president said, we are waiting to see an effect in the growing production which that is going to take us above 730 barrels by the end of the year. Thank you very much.
Agustin Bonasora: [Interpreted] Agustin Bonasora from Pembridge is asking, which are the alternatives that you analyzed to refinance the credit of 1.6 thousands of millions consolidated in the FT debt that went to $4,000 million?
Ricardo Roa: [Interpreted] Thank you, Agustin, for this question. Milena, please take the floor.
Milena Lopez: [Interpreted] Thank you, Agustin. We have a syndicated credit of $1,200 million and the other amortizations are credits, short-term credits. The syndicated we are going to refinance mainly with the same banks of the syndicated. So this has been agreed and it’s in process. The maturities of these 400 million, we will probably do it with local bank and these are short-term credits, especially with local bank that are getting mature. When we look at the debt, the consolidated debt, we have to see in the radar that we have loans in ESA. When we talk about the debt that we have to pay next year in Ecopetrol, we’re talking about this $1,800 million. The rest is just credits that we have in the Filial and ISA is of course the great challenge and we have things in Peru, Chile, and Brazil that are being consolidated.
Santiago Durao: [Interpreted] Santiago Durao from KCORI is asking, from a role of Ecopetrol in generating energy in Colombia, which would be the implications in the investment plan of the Company?
Ricardo Roa: [Interpreted] Thank you, Santiago. As we have said in other answers to similar questions, Ecopetrol, its roadmap and expansion in the incorporation of renewable energy production is to lever its own production in the demand of this electric energy in order to cover its own needs for energy. So we have some important resources for the incorporation of these non-conventional energy resources. 1,600 megawatts in projects that we are evaluating where the scheme of incorporation of energies has not been decided yet and has a lot to do with possibilities of starting with being partnered with a third party to develop a project or be the full owner of the active generation or incorporating these energies through the long-term contracts of PPAs that also give us an opportunity that would require low investment until financing that could be from the emission of the scheme of the project.
We are going to have the necessity of making important investments or doing it with third parties. Thank you.
Lily Young: Lily Young from HAPT asked, could you please mention the investment plan for 2024 and 2025?
