Ecopetrol president Ricardo Roa used the company’s 2025 financial results presentation to directly address and reject allegations — circulating from anonymous sources — that Colombia’s state oil company had been deliberately withholding gas injections at fields such as Floreña to manufacture artificial shortages and sustain elevated gas prices.
Ecopetrol outlined a 2026 investment plan ranging from CoP$22T to CoP$27T during its investor call following 2025 financial results, allocating 70% to traditional oil and gas operations and 30% to energy transition initiatives. It also confirmed it was “kicking the tires” on Canacol’s assets.
President Gustavo Petro’s administration is defending the continued tenure of Ricardo Roa and Jorge Carrillo at two of Colombia’s most strategically important state enterprises despite escalating legal controversies surrounding both officials.
Ecopetrol is exploring two additional strategic business opportunities in Venezuela beyond natural gas imports following the changed political landscape after Nicolás Maduro’s capture by the United States.
The Ministry of Mines and Energy initiated an administrative sanction procedure against Ecopetrol for alleged non-compliance with the diesel supply plan for Nariño department, warning the situation could jeopardize fuel supply and result in sanctions against the company.
Ecopetrol’s Permian Basin operations in the United States contributed 13.8% of total company production in 2025, emerging as one of the best-performing assets despite the Petro administration’s continued push to divest the fracking-based asset.
Ecopetrol initiated export operations with the Atlantic Majesty, the first vessel contracted for exclusive company use under a Time Charter arrangement, which will transport 1 million barrels of heavy crude monthly to United States customers.
Ecopetrol maintains a sufficiently robust oil and gas exploration portfolio to sustain activity for at least ten more years, extending to 2036, according to Elsa Jaimes, general manager of offshore projects and exploration, speaking at the second Colombian Geological Association Energy Exploration Convention.
Commercial tensions between Colombia and Ecuador escalated dramatically after Ecuadorian President Daniel Noboa announced initial tariffs on Colombian imports, triggering a 900% increase in crude oil transport fees that directly impacts Ecopetrol’s operations.
But we still think the issues are mostly beyond management’s control. That is, it is not Ricardo Roa and the Petro government’s fault (entirely) at least at the operational level. Strategy? Management distractions? That’s another issue.
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