Latin America Advisor
Energy Advisor
A Publication of The Dialogue
What Will Ecopetrol Prioritize With its Investments?
Ecopetrol, Colombia’s majority state-owned oil company, plans to invest as much as 30 trillion pesos this year, including in the green energy transition. // File Photo: Colombian Government.
Colombia’s majority state-owned oil company, Ecopetrol, said on Dec. 9 that it will invest as much as 30 trillion pesos ($6.2 billion) in 2023. The bulk of the investment, some 15.8 trillion to 18.9 trillion pesos, will go toward achieving energy security and financial stability, while between 5.9 and 6.8 trillion pesos are earmarked for accelerating Colombia’s green energy transition, which includes investments in hydrogen production, carbon capture and electricity transmission. What do Ecopetrol’s investment decisions reflect in terms of its ambitions for a green energy transition? How is the company faring under President Gustavo Petro, a leftist who pledged to revamp the nation’s energy sector? How viable and sustainable are Petro’s aims to transform Ecopetrol into a green energy producer, with some 80 percent of the country’s export basket relating to oil, gas and coal products?
-
Inés Elvira Vesga, partner at Holland & Knight: “Ecopetrol’s investment plan reflects the development of a new corporate vision, which began in 2018, and today is contained in the 2040 Strategy ‘Energy that Transforms.’ The pillars of this plan include competitiveness in the core business, decarbonization, clean energy, digitalization, sustainability strategies and community relations. Ecopetrol anticipated the current trends of energy transition and ESG, incorporated innovation in its business plan early on and is now a leader in energy transition projects in Colombia. The way the investment is distributed shows that the transition will be financed with traditional fossil operations; therefore, the continuity of these operations is a requirement for…”
Read More
Top News
Peru Authorities Fine Repsol $6 Mn Over 2022 Oil Spill
Petrobras to Lead Brazil’s Refining Expansion
Complete editions of the Energy Advisor are delivered weekly to members of the Dialogue's Corporate Program and other subscribers. Sign up below for a free complimentary preview subscription.
About the Energy Advisor
A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Erik Brand, publisher of the Advisor, at ebrand@thedialogue.org.
Subscribers See all
Staff
Erik Brand
Publisher
P. 202.463.2932
E. ebrand@thedialogue.org
Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org
Lara Kovandova
Reporter
P. 202.463.2936
E. lkovandova@thedialogue.org