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Ecopetrol will invest at least 5,250 million dollars in 2023

Bogota, 9 Dec. The Colombian state oil company Ecopetrol will invest in 2023 between 25.3 and 29.8 trillion pesos (between 5,250 and 6,185 million dollars today) to accelerate the transition and energy sovereignty, the company reported this Friday.

The investment plan “is aligned with the Ecopetrol Group’s commitment to accelerate the path of transition and energy sovereignty in the country, maintaining competitive returns for all its shareholders in line with its 2040 Strategy ‘Energy that transforms,'” the company said in a statement. release.

For this purpose, 23% of the plan’s resources are directed to strengthening diversification into new low-emission businesses, which includes hydrogen production, renewable energy, carbon capture, and electrical transmission.

“The plan seeks to reduce about 400,000 tons of CO2 emissions and incorporate about 900 MW of renewable energy and more than 50,000 tons of green hydrogen by 2025,” the information adds.

The investment plan is announced at a time when the government of Colombian President Gustavo Petro has questioned the medium- and long-term continuity of the oil sector due to its environmental policy, which seeks to curb hydrocarbon production to face the climate crisis. .

DISTRIBUTION OF INVESTMENTS

According to Ecopetrol, the largest company in the country, “the commitment to the energy transition” is reflected in investments of between 5.9 and 6.8 trillion pesos (between 1,225 and 1,412 million dollars) in renewable self-generation, hydrogen, transmission and roads, and energy efficiency.

In gas self-sufficiency, between 3.6 and 4.1 trillion pesos (between 747 and 851 million dollars) will be invested to “maintain the current supply seeking to increase it with gas exploration projects, of which 12 wells are planned in 2023”.

The company will allocate between 15.8 and 18.9 trillion pesos (between 3,281 and 3,925 million dollars) “to ensure energy security, financial sustainability and favor the country’s trade balance.”

“With the 2023 investment plan, we will continue to grow with the energy transition, while generating value for society and our shareholders, and we ratify the Group’s commitment to sustainability and the country’s energy sovereignty,” said the president of Ecopetrol, Felipe Bayon Pardo.

RESOURCES FOR THE ELECTRICITY SECTOR

The information added that, additionally, the electric company ISA “will invest an approximate amount of 6.3 trillion pesos in 2023 (about 1,309 million dollars), consolidating ISA as the Latin American leader in energy transmission.”

Part of these resources will be to enable more than 6,000 kilometers of new transportation lines for non-conventional renewable energy by 2025.

Of the total planned investments, about 66% will be made in Colombia and 34% in the company’s operations abroad: the United States, Brazil, Peru and Chile.

According to Ecopetrol, the announced investments will allow organic production levels of between 720,000 and 725,000 barrels of oil equivalent per day to be reached by 2023.

“Likewise, between 2023 and 2025, 1,600 development wells will be drilled, 574 of them in 2023. In addition, the drilling of 25 exploratory wells is expected in 2023, located in the Llanos Orientales, Valle Medio del Magdalena, Piedmonte, and Caribe basins. offshore”.

The company indicated that additionally 472,000 million pesos (about 98 million dollars) are planned “in social investment that will strengthen the commitment to local development in the regions.”

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