Colombia: Venezuela's PDVSA intends to terminate pipeline contract with Ecopetrol
Edwin Palma, Colombia's Energy?Minister, said Venezuela's PDVSA state oil?company intends to terminate a contract with Colombia Ecopetrol?over?the Antonio Ricaurte?pipeline. He claimed that there was not enough?investment in its repair. Palma, in a Saturday post on X, said that the government planned to meet the U.S. Government on Monday to discuss the lifting of sanctions against Venezuela and normalizing commercial relationships. The announcement comes a day following a high level meeting between two countries held in Caracas. Officials discussed security, US sanction and energy cooperation including repairs of the pipeline.
Ecopetrol, Colombia's oil company, invests in higher oil prices and Venezuela deals
It said that if oil prices continue to rise due to the 'U.S./Israeli war against Iran,' it will review its investment plans in April. Ecopetrol has predicted that it will invest a higher amount than its range of 22 to 27 trillion pesos ($5.79-7.11billion) due to higher crude prices resulting from the conflict. Ecopetrol CEO Ricardo Roa stated in a phone call that he has again asked the U.S. Treasury Department’s Office of Foreign Assets Control to lift restrictions regarding negotiations with Venezuela as it sees potential for deals. Roa suggested that Venezuelan light crude oil or other products could be exchanged for the resources.
Ecopetrol's quarterly profit drops by 61%
Ecopetrol, Colombia's state-owned oil company, reported on Wednesday a 60.8% decline in profits for the fourth quarter compared to a year earlier. This was due to lower Brent crude oil prices, lower gas sales at home, and a weaker currency. The company reported in a filing with Colombia's stock exchange that the net profit for the third quarter was 1.53 trillion Colombian Pesos ($403 millions) on total sales which fell 17.2%, to?28.82 billion pesos. Ecopetrol's shares, which are owned by the Colombian Government to an 88.5%, saw its total oil and gas production drop by 0.1% compared to the same quarter in?2024, down at 729,200 barrels equivalent per day (boed).
Ecopetrol's Q4 profit drops by 58%
Ecopetrol, Colombia's state-owned oil producer, reported on Wednesday a 58% decline in profits for the fourth quarter compared to a year ago. This was due to lower Brent crude prices, lower gas sales in Colombia, and effects of a weaker currency. The company reported in a filing to Colombia's stock market that the net profit for the quarter was?801 billion Colombian Pesos ($211 millions) on total sales which?fell by 15.8%, to 17.17 trillion Colombian Pesos. Ecopetrol's 88.5%-owned shares saw a slight decline in production, with 729.200 barrels equivalent to oil per day, from the same quarter last year. The crude?output grew by 3% on an annual basis to 574,800 barrels a day.
Colombia's Ecopetrol will invest $6.3 billion by 2025 and drill five more wells
Ecopetrol ECO.CN, Colombia's state energy company, expects to invest $6.3 billion by 2025, which is 90% of the target. The company executives said in an interview with the Colombian press on Thursday that the company could end the year drilling five more exploratory wells. In an interview on Thursday, executives from the company said that they expect to execute $6.3 billion in investments in 2025, which is 90% of their target. They also added that it could close the year with five additional exploratory wells drilled. The company's production fell 0.4%, to 751,500 barrels equivalents per day, compared to the same period of 2024.
Ecopetrol and Petrobras announce joint-venture to market natural gas from Colombia’s Sirius Project
Ecopetrol, Colombia's energy company run by the state and Petrobras, Brazil's oil firm owned by the state, announced a partnership on Thursday for a joint marketing of natural gases from Colombia's Sirius Project. Ecopetrol owns 55.6% of the Sirius block, Petrobras holds the remaining 44.4%, and is the operator for the project. The project is estimated to have 6 billion cubic feet and an investment of $5 billion. It will begin operating between 2029 and 3030. Ecopetrol's President Ricardo Roa announced that the two companies had agreed to sell up to 249 millions cubic feet of natural gas per day over a six-year period.
Colombia wins offshore wind bid by CIP of Denmark
The head of Colombia's hydrocarbons agency announced on Thursday that a subsidiary from Denmark's Copenhagen Infrastructure Partners, CIP, had bid to develop a wind project for the first round of the South American nation's offshore energy auction. Orlando Velandia of Colombia's National Hydrocarbons Agency, ANH, said that CIP subsidiary CI GMF Cooperatief U.A. ANH did not immediately provide details of the offer. ANH did not immediately disclose details of the offer. Velandia, who spoke at a Cartagena forum, said that the participation of CIP…
The Colombian Sirius gas project is moving forward with consultations and nearing the contracting phase
Alcindo Moritz, Petrobras Colombia's chief, said that the project Sirius, which is being developed by Ecopetrol, a state oil company in Colombia, and Petrobras of Brazil, off its Caribbean coast, has nearly completed half of the consultations with communities who could be affected by it. In December, the companies announced that they had confirmed Colombia’s largest gas discovery ever while drilling a hole there. The South American country has limited reserves of gas and this project could reduce imports in order to meet the domestic demand. Initial consultations began at 116, but by September they had risen to 120.
Colombia's Ecopetrol will launch a bid for the Covenas regasification Project
Ecopetrol, the state-owned oil company in Colombia, will launch the bidding for a regasification at its Covenas terminal in the northern part of the country later this month. CEO Ricardo Roa announced the plan on Monday. Ecopetrol is expected to begin accepting binding bids on October 14 for the project, with the winner being announced by the end of the calendar year. Colombia has increased its imports of gas to meet the growing demand. Roa added that the resources for investment had been "practically approved". He said that 20 companies expressed interest in the project. The project is expected to import up to 400 millions cubic feet of gas per day by 2030.
Ecopetrol to Launch Covenas Regasification Project Bidding
Colombian state-run oil company Ecopetrol is set to launch the bidding process later this month for a regasification project at its Covenas maritime terminal in the north of the country, CEO Ricardo Roa said on Monday.Ecopetrol will begin accepting binding bids for the project on October 14, with a winner expected to be announced before the end of the year, Roa added in a press conference.Colombia is striving to boost domestic gas production and has increased imports to meet growing demand."We should be awarding the contract in no more than a month, and the goal is to have it completed by the first quarter of 2027, which is the maximum deadline," Roa said, adding that the inve
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla, "I think we'll do more than 10 times the amount planned. Ecopetrol’s daily production, which is 751,000 barrels per day (bpd), is just a little bit above the upper limit of the company's target of 750,000 bpd by 2025. Guzman stated that "it's going very well" to reach our goal of between 740,000 and 750,000 barrels.
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombia's state energy company Ecopetrol will likely exceed its goal of drilling ten oil wells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in Barranquilla, a Caribbean city. "I think we'll do more than 10 (wells), and I think that it could be between 20% and 40% more," Guzman said. Ecopetrol’s daily production, which is 751,000 barrels per day (bpd), is just a little bit above the upper limit of the company’s target of 750,000 bpd by 2025.
The agency's head claims that Colombian oil and gas reserves are expected to increase this year.
The head of Colombia's hydrocarbons department said on Tuesday that the country's oil and natural gas reserves are likely to grow in comparison with the previous year. Colombian oil reserves are expected to reach 2.04 billion barrels in 2024 - enough for 7.2 years' worth of consumption. Orlando Velandia said the agency was predicting crude prices would close the year around $70 a barrel. He said that if this is the case, then the agency will not have to reduce its reserve estimates. Brent crude closed Tuesday at $68.47 a barrel. According to Velandia, the estimate of Colombia's reserves could rise even higher.
US sanctions prevent Colombian Ecopetrol from purchasing Monomeros gas from Venezuela
Due to U.S. sanction, Colombian state-run Energy Company Ecopetrol is unable to acquire Venezuelan owned fertilizer producer Monomeros Colombo Venezolanos, or purchase natural gas from Venezuela, said Monica de Greiff on Caracol Radio Station. In July, Colombia's Mines and Energy Minister Edwin Palma said the government had signed a confidentiality agreement with Venezuela to exchange information related to a potential acquisition of Barranquilla-headquartered Monomeros. The Office of Foreign Assets Control of the U.S. Treasury Department has placed Venezuela on its sanctions list, which limits transactions with Venezuelan entities.
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June, compared with 3.38 trillion pesos a year ago. Total sales were 29.67 trillion, down 9% compared to 2024's same quarter. Ecopetrol's shares, which are owned by the Colombian Government to the tune of 88.5%, have seen lower prices on all its products. This includes a 20% drop in its crude oil sales for the third quarter.
Ecopetrol, a Colombian company, buys a wind energy project from Enel at $50 million
Ecopetrol, the state-owned oil company of Colombia, announced on Monday that it had purchased from Enel a wind energy project in La Guajira province (northern Colombia) for $50 million. Ecopetrol Group said that the Windpeshi project, which has a capacity to produce 205 megawatts of energy for self-consumption, will be included in its portfolio. "We closed the deal for about $50 million." Ecopetrol Chief Executive Ricardo Roa said at a press briefing that the total cost of development is about $350m, and this will be part of Ecopetrol Group's portfolio.
Ecopetrol Purchases Enel Wind Power Project for $50m
Colombian state oil firm Ecopetrol said on Monday it has purchased a wind power project in the northern province of La Guajira from Enel for $50 million.The Windpeshi project will have a capacity of 205 megawatts (MW), which will be added to Ecopetrol Group's self-consumption energy portfolio, the company said in a statement."We have closed the transaction for around $50 million.
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.