Ecopetrol – Oil & Gas 360

Colombian president cancels oil joint venture with U.S. company

February 5, 2025

(Oil Price) – Colombia’s president, Gustavo Petro, has canceled a joint venture between state energy company Ecopetrol and Occidental Petroleum on environmental concerns regarding hydraulic fracturing. Bloomberg reported that Petro had shared his concern on national TV, saying he was against a recent expansion of the deal between Ecopetrol and Oxy because it involved fracking, going counter to his energy policy

Ecopetrol, OXY to drill 34 wells in Permian under development plan extension

February 3, 2025

(World Oil) – Ecopetrol S.A. announced that its U.S. subsidiary, Ecopetrol Permian, has reached an agreement with Occidental Petroleum (OXY) to extend its development plan of Rodeo Midland Basin LLC under the joint-venture first established in July 2019. his agreement, reached by the companies, includes a drilling plan for 34 wells between April 2025 and June 2026, in addition to

Ecopetrol acquires Repsol’s onshore Colombia asset to increase production by 7,000 bopd

December 31, 2024

(World Oil) – Ecopetrol S.A. announces that they have successfully concluded negotiations with Repsol to acquire the remaining 45% of its stake in block CPO-09, located in the Meta department. With this transaction, Ecopetrol becomes the sole owner of this strategic asset in the Piedemonte Llanero. This block is located in the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva,

Turmoil at Colombia’s Ecopetrol raises profit fears ahead of US investment decision

December 20, 2024

(Yahoo Finance) – BARRANCABERMEJA, Colombia – Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former board member and analysts, come ahead of

Petrobras and Ecopetrol uncover historic gas find in Colombia

December 5, 2024

(Oil Price) – Brazilian oil giant Petrobras, in partnership with Colombia’s state-run Ecopetrol, has confirmed the largest natural gas discovery in Colombia’s history. Drilling results from the Sirius-2 well, located in the Guajira Offshore Basin, have revealed over 6 trillion cubic feet (Tcf) of gas in place—enough to potentially double the country’s existing reserves. Petrobras holds a 44.44% stake in the

Petrobras, Ecopetrol ordered to halt drilling natural gas well offshore Colombia

September 16, 2024

World Oil (Bloomberg) – A Colombian judge ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of an offshore gas well in the nation’s Caribbean waters after an Indigenous community sought legal protection. The community in the area of Taganga, near the city of Santa Marta, claimed their consent should have been requested before the companies were allowed

Ecopetrol opts out of $3.6 billion Permian oil deal with Occidental

August 5, 2024

World Oil (Bloomberg) – Colombia’s state oil company, Ecopetrol SA, has decided against buying a $3.6 billion stake in Permian Basin assets from Occidental Petroleum Corp. The company told Occidental Wednesday that it had opted not to acquire the 30% stake in the assets it has agreed to buy from CrownRock LP, according to a filing Thursday. The stock of

Colombia eyes 2029 start-up date from offshore natural gas assets in $300 million drilling investment

July 31, 2024

World Oil (Bloomberg) – Ecopetrol SA expects offshore natural gas from Colombia to come online as soon as 2029, two years later than previously anticipated and not in time to curb a looming fuel shortfall. Colombia is set to face a gap between its domestic supply of natural gas and total demand beginning next year. The fuel gap of around

Colombia aims to boost oil production to 1 million Bpd

May 24, 2024

Oil Price Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country’s energy ministry. Energy Minister Andrés Camacho emphasized the government’s strategy to revitalize “lazy contracts”—agreements signed 10 to 15 years ago that have so far

Exclusive-Colombia’s Ecopetrol exploring participation in offshore wind auction

May 6, 2024

U.S. News BOGOTA – Colombia’s majority state-owned energy company Ecopetrol is analyzing its potential direct participation in the Andean country’s first-ever offshore wind auction, the company said in a statement to Reuters. The government of President Gustavo Petro, Colombia’s first leftist leader, has said it wants to wean the Andean country from its dependence on fossil fuels while ensuring energy

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

February 23, 2024

World Oil (Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated. Officials said Thursday that they are now reevaluating the discovery, named Orca-1. In the processes of working to verify its size,

Colombia’s Ecopetrol to invest up to $6.7 bln in 2024

December 1, 2023

Nasdaq BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will invest between $5.7 billion and $6.7 billion and produce up to 730,000 barrels per day equivalent (boepd) in 2024, it said in a statement. A majority of that spending, about $4.8 billion, will go toward keeping production between 725,000 and 730,000 boepd, the company’s refineries at between 420,000 and 430,000 barrels

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