Colombiana Ecopetrol plans to invest up to US$ 6,175 million in 2023

The Colombian company ecopetrol plans to invest between 25.3 trillion pesos (US$5,242 million) and 29.8 trillion pesos (6,175 million dollars) in 2023, the company reported on Friday, December 9.

The general organic investment plan for next year seeks to advance the four pillars of the 2040 strategy, and the roadmap for the country’s energy transition.

In detail, the commitment to the energy transition reaches between 5.9 and 6.8 trillion pesos in renewable self-generation, hydrogen, transmission and roads, and energy efficiency. In addition, it contemplates between $3.6 to $4.1 billion for gas self-sufficiency; as well as between $15.8 and $18.9 billion to ensure energy security, financial sustainability and favor the country’s trade balance.

Also considered is $4.1 trillion over the next 3 years ($315 million in 2023) to incorporate 900 MW of renewable energy, produce more than 50,000 tons of low-carbon hydrogen, and reduce nearly 400,000 tons of CO2e emissions.

Approximately 66% of the total investments for next year will go to projects in Colombia. This with the purpose of generating added value to the domestic chain and increasing the benefit for interest groups at the national level.

While 34% of investments will be made abroad. These will be held in the US, in Permian (19%), Brazil (9%), Peru (3%) and Chile (3%). This will allow the company to reach organic production levels during the next year between 720,000 and 725,000 barrels of oil equivalent per day.

The majority state-controlled company announced that between 2023 and 2025, 1,600 development wells will be drilled, 574 of them next year.

Additionally, it foresees the drilling of 25 exploratory wells in 2023 in the Llanos Orientales, Valle Medio de Magdalena, Piedmonte and Caribe Costa Afuera basins.

With information from Bloomberg Line.