Ecopetrol alerts on possible leakage and security violations
Ecopetrol, a Colombian company, said that it had found 29 cases where the company could have violated its security protocols or leaked confidential information. Its CEO also said that he received homophobic threats of death. According to the state-run company, the possible leaks were discovered during a digital assessment procedure as part of a cybersecurity protocol that was started in May. In a video posted by Ecopetrol, Chief Executive Ricardo Roa stated that the findings allowed him to "preliminarily" infer these were internal leaks which violated the corporate governance code and ethics. Roa was appointed Ecopetrol head in April 2023.
Statkraft, a Norwegian company, will sell 10 renewable energy companies to Colombian Ecopetrol
Ecopetrol, Colombia's state oil company, announced on Tuesday that it has signed an agreement with Statkraft of Norway to purchase 10 wind and solar project development companies. Ecopetrol's Chief Executive Ricardo Roa stated that the portfolio of projects may total up to 1.3 Gigawatts, which would be used to meet the group's energy needs at home. He didn't disclose the amount of the transaction. Projects are spread out across La Guajira and the departments of Caldas, Magdalena, Cordoba, Sucre. One project is already operational. Others are expected to start in 2026 or 2027.
Ecopetrol, Colombia's oil company, plans to cut costs as the price of crude drops
Ecopetrol, Colombia's state-owned oil company, plans to reduce costs by 232 million pesos (about 1 trillion pesos) and show more flexibility with its investment plan this year. Chief Executive Ricardo Roa announced the news on Wednesday. Roa spoke with analysts in a conference call as the oil company faces falling oil costs that have eaten into its first quarter profits. Ecopetrol's 2025 investment plan could reduce its planned expenditure of $5.9 to $6.8 billion, or by about half a million dollars. Rafael Guzman, vice-president of hydrocarbons at Ecopetrol, said that the planned production cuts will not affect the company.
Ecopetrol Colombia reports a 22% drop in profit for the first quarter
Ecopetrol, Colombia's largest state-owned oil company, reported a 22% drop in net profits for the first quarter. The amount was $3.13 trillion Colombian Pesos (US$730.54 millions) compared with the same period last year. Total sales of the energy company for the three-month span were 31.37 trillion Pesos. This is a tiny bit more than the sales reported by the same quarter in 2024. The company stated that the economic slowdown in China, as well as widespread US tariff threats, had impacted crude prices. In addition to this uncertainty over production licenses in Venezuela as well as sanctions on certain oil imported added to the challenges facing the sector.
Ecopetrol president warns that lower oil prices could reduce profits for the full year by $2.8 billion
Ecopetrol, Colombia's state-owned oil company, warned that lower oil prices could cause its profits to drop by as much as 12 trillion pesos (2.76 billion dollars) this year. Ecopetrol's president Ricardo Roa said to journalists at an industry event that the company may have to stop producing in some fields, and instead focus on others with lower costs. Brent futures were at $63.45 per barrel on Friday. This was due to concerns about an intensifying trade conflict between the United States of America and China. Roa stated that the drop in crude prices has a significant impact on Ecopetrol profits.
Colombia's Ecopetrol resumes Cano Sur and Rubiales field operation
Ecopetrol, Colombia's state energy company, announced on Friday that it had begun to resume oil field operations in Rubiales and Cano Sur after reaching an agreement with the local Indigenous association which had blocked the area. According to the company, the two oilfields, located in the Meta province near the city of Puerto Gaitan, produce approximately 100,000 and 40,000 barges per day. In a protest, indigenous communities in the region blocked the road and occupied facilities in this area earlier in the week. They demanded land restitution and the recognition of ancestral domains. Indigenous leaders signed an agreement with government officials on Thursday.
Ecopetrol executive: We are looking to expand our in-house energy production to include wind power.
Ecopetrol, Colombia's state energy company, is looking at new investments, including purchasing projects run by multinationals to meet its own energy needs. A company vice president revealed this on Wednesday. Julian Lemos is Ecopetrol's vice president of strategy and new business. He said that the plan would look to integrate wind power projects into the company's energy matrix which already includes solar. Lemos said at an energy conference held in Cartagena, a Caribbean city. Lemos said, "We are examining various issues and considering various alternatives. Lemos wouldn't share details about potential acquisitions due to confidentiality agreements.
Colombia regulator: Licenses for Petrobras and Ecopetrol offshore projects will be ready by mid-2026
Orlando Velandia of Colombia's hydrocarbons regulatory agency said that by mid-2026 the Brazilian state-run Petrobras, and its Colombian equivalent Ecopetrol, could have all the licenses they need to move forward with a joint offshore project in Colombia. The project is now commercialized after 6 trillion cubic feet of natural gas reserves were confirmed. The partners are planning to complete drilling a well in this year while also planning its development. Before building infrastructure, an environmental and social license is required. The project…
Ecopetrol will borrow up to $2 billion to finance acquisitions
Ecopetrol, Colombia's largest state-owned oil company, plans to borrow up to $2 billion this year in order to fund investment. It will also consider raising funds through banks and the capital markets. The debt will be used for inorganic investments such as new projects or assets. Camilo Barco, Corporate Vice President of Finance at Ecopetrol, said that in a conference call with investors the board of Ecopetrol had authorized $1 billion for structural debt. A further $1 billion was also approved as a temporary measure. Barco stated that he is…
Ecopetrol's profits will drop 22% by 2024
Ecopetrol, Colombia's largest state-owned oil company, reported on Tuesday that its annual net profit in 2024 will drop by nearly 22% due to a stronger U.S. Dollar and lower oil prices internationally. The Colombian government owns 88.5% of the shares in the energy company. It posted a profit of $14.9 trillion last year ($3.6 billion), which is a significant increase from 19.06 trillion in 2023. Ecopetrol's Chief Executive Ricardo Roa stated during a recent press conference that the decline in the net profit of the company last year was a result of 49% the exchange rate and 36% the prices, with 15% the inflation.
Colombia's first auction of offshore wind energy attracts global interest
The National Hydrocarbons Agency of Colombia (ANH), a South American agency, announced on Thursday that companies from all over the world had proposed developing 69 offshore areas for the country's first offshore energy auction. The auction represents a major step towards President Gustavo Petro’s goal to diversify the energy sector, and reduce dependence on coal and oil. Companies from Belgium, Britain and Spain as well as Colombian firms like Ecopetrol are among the companies that have expressed an interest in participating in this auction.
Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas. Chief Executive Ricardo Roa stated that the total 1P reserves for 2024 is equivalent to 1.88 billion barrels oil equivalent at the end of 2023. Roa said that almost 90% of the reserves were in Colombian fields and 11% in operations conducted by the company in the U.S. Roa stated that one-fifth was gas and the remainder oil.
Ecopetrol shares fall after Colombian Petro demands sale of US Fracking business
Ecopetrol, Colombia's largest state-owned energy company, fell by 2.20% to 2,005 pesos (US $0.48) each in the early hours of trading on Wednesday. This was after President Gustavo Petro demanded that the company sell its U.S. Fracking business. Petro's remarks late on Tuesday came after the news Monday that Ecopetrol agreed to extend their joint venture with Occidental Petroleum at the Permian Basin in Texas. The New York ADRs of the company also dropped 2.84%, to $9.57 a unit. Ecopetrol has been able to maintain its production despite a decline in output in other parts of the group.
Colombia's Petro wants Ecopetrol to sell its fracking operations.
The Colombian president Gustavo Petro called on Tuesday for the sale by Ecopetrol of its fracking operations within the United States in order to invest in renewable energy. In an unusual live broadcast, the leftist leader made his request to Andres Camacho, minister of mines, energy and environment. He said: "I would like this operation sold to invest in clean power in Colombia. The meeting took place a day after Ecopetrol had announced an agreement with Occidental Petroleum to renew their oil joint venture in the U.S. Permian Basin of Texas.
Colombia's Ecopetrol extends joint venture agreement with Occidental Petroleum for Permian Basin
Ecopetrol, a Colombian energy firm, announced on Monday that it had reached an agreement with Occidental Petroleum to renew their oil joint venture in the U.S. Permian Basin in Texas. The future of the joint-venture was uncertain after Ecopetrol – which is majority owned by the Colombian government – backed out from a separate agreement last August, to purchase $3.6 billion worth of assets in the Permian Basin from Occidental, on President Gustavo Petro's orders. Petro's government has set as a priority the weaning of Andean countries off fossil fuels.
Colombia's President suspends peace negotiations with ELN rebels
The Colombian president Gustavo Petro halted peace talks on Friday with the leftist National Liberation Army, (ELN), after accusing them of committing a crime against humanity in the Catatumbo area, located in Norte de Santander, the province in which the country is situated. Petro, on X, said: "The dialogue with this group has been suspended. William Villamizar, the governor of Norte de Santander, reported that more than 30 people died and 20 were injured in Thursday's attack. The government reported that at least five of the dead were former FARC fighters who had been demobilized and were part of an agreement for peace in 2016.
Colombia's Ecopetrol signs agreement with Parex Resources for oil and gas development
Ecopetrol, Colombia's largest state-owned energy firm, announced on Wednesday that it had signed five agreements to enhance the production of oil and natural gas in the Andean nation. The first four agreements will involve an investment of $350 million. These projects are planned in Colombia's Putumayo Province and Narino Province. Companies hope to increase crude oil volumes to the existing projects, as well as explore potential resources around the area. Ecopetrol announced that a $60 million investment will be made in the Cundinamarca Province to develop an exploratory well with the goal of producing light crude and gas.
Ecopetrol's Colombian third-quarter profits drop by 28%
Ecopetrol, Colombia's largest state-owned oil company, reported on Wednesday a 28% decline in its third-quarter net profits to 3.65 trillion Pesos ($826.95 millions) compared with the same period in 2013. The main reason for the drop was the fall in value of the Colombian currency. Ecopetrol reported that the total sales fell 1.5%, to 34.61 trillion Pesos, in the period July-September, despite a slight increase in output. Ecopetrol’s net profit in the first nine-months of 2024 fell by 26% from the same period the previous year to 11,04 trillion pesos.
Colombian court reverses order to suspend gas well off Caribbean coast
On Wednesday, a Colombian court overturned a previous court order that was issued last month, which had suspended operations at Sirius-2 (formerly known as Uchuva-2), a major offshore gas well. The ruling was issued on October 29, following a complaint from Indigenous communities that their way of living would be negatively affected by the development of the well. Industry groups warned that the suspension of the well would threaten Colombia's energy independence and erode the prospects for the nation's diminishing gas reserves. The project is owned jointly by Colombian state oil company Ecopetrol, and Brazil's Petrobras.
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium, China's PowerChina, China Three Gorges, and Britain's Dyna Energy. The ministry stated in a press release that the first round was to determine which maritime areas could be used for installations between 1,000 and 3,00 megawatts.
