Key Points
- Ecopetrol plans to invest up to $6.4 billion in 2025.
- $5.4 billion investment will increase Colombia’s oil production capacity.
- The company is also expanding into renewable energy sources.
As part of a comprehensive plan to improve its oil production capacity and energy infrastructure, Colombia’s 75% state-owned energy corporation, Ecopetrol, said Friday that it will invest between 24 trillion and 28 trillion pesos ($5.4 billion and $6.4 billion) in 2025.
Ecopetrol announces $5.4 billion to $6.4 billion investment for 2025
A sizeable amount of this investment, almost 20.3 trillion pesos, will go towards boosting oil and gas output, the statement said. The daily production target for Ecopetrol is between 740,000 and 745,000 barrels of oil equivalent.
The company’s larger attempts to keep its leading position in Colombia’s oil industry, which plays a significant role in the nation’s economy, include this production goal. Ecopetrol is committed to maintaining its oil production to satisfy both home and foreign demand, even in the face of obstacles brought on by changes in the world oil market and a global trend towards renewable energy.
The company is dedicated to enhancing its energy infrastructure in addition to increasing production. To ensure the stability of Colombia’s energy sector in the future, the investment will be used to improve exploration and production capacity.
According to reuters, Â In order to increase long-term production levels, Ecopetrol also intends to keep expanding its oil fields and looking into new reserves. The business took these steps in response to mounting pressure from lawmakers and environmental organisations to strike a balance between sustainability objectives and economic growth.
Ecopetrol focuses on renewable energy alongside oil growth
Ecopetrol is moving forward with its clean energy transformation. Ecopetrol has been investing in renewable energy sources including wind and solar electricity, although oil and gas will continue to play a major role in the company’s operations.Â
The company’s actions are consistent with Colombia’s overarching objectives of gradually lowering carbon emissions and diversifying its energy matrix. As part of its long-term plan for environmental responsibility, Ecopetrol’s renewable energy programs are anticipated to expand dramatically over the next several years.
($1 = 4,406.16 pesos from Colombia)
