Energy Advisor

Theodore Kahn, senior analyst in the Global Risk Analysis team at Control Risks in Bogotá: “Ecopetrol’s investment strategy for 2024 reflects a prudent balance between maintaining the company’s core hydrocarbons business while also devoting significant resources to clean energy projects. In this sense, the plan represents continuity with the company’s strategy in recent years (including before Gustavo Petro took office), which has put a growing focus on renewables, including a pilot project launched last year to produce green hydrogen based on solar power. It also underscores the crucial importance of Ecopetrol for Colombia’s public finances, foreign exchange earnings and domestic energy security. The company accounts for more than 60 percent of oil production and will contribute an estimated $9.5 billion to state coffers over the next three years. As for Petro’s energy transition plans, one is tempted to ask…”