Colombia oil firms see lower '09 investment vs '08

BOGOTA, April 2 (Reuters) - Colombian oil exploration and production investment will dip 11 percent to as low as $3.2 billion this year versus 2008, the Colombia Petroleum Association said on Thursday.

The slowing global economy has cut demand for commodities such as oil.

“The uncertainty has to do with the fact that we do not know how petroleum prices are going to behave, we are not sure what will happen with the cost of projects in Colombia,” association chief Alejandro Martinez told reporters.

The oil sector had been one of the most dynamic parts of the Andean country’s economy until gross domestic product started slowing last year.

Shareholders of state-controlled oil company Ecopetrol ECO.CNEC.N last week approved the company's plan to issue up to $4 billion in bonds to fund its expansion program. (Reporting by Javier Mozzo; Editing by Marguerita Choy)