The Ministry of Mines and Energy sent a formal request to Ecopetrol president Ricardo Roa on March 4, 2026, requiring a detailed report on the volumes of natural gas consumed by the company’s refineries during 2025 and the current year to date.
Writing on X on March 22, 2026, President Gustavo Petro outlined his government’s response to the prospect of oil prices climbing to US$180/barrel by May – a scenario flagged by Saudi Arabia – placing Ecopetrol at the center of a new fertilizer subsidy mechanism while firmly closing the door on gasoline subsidies.
Gran Tierra Energy (GTE) announced on March 17, 2026 that it has signed an agreement with Ecopetrol to earn a 49% working interest in the Tisquirama block in Colombia’s Middle Magdalena Valley, which contains the Tisquirama and San Roque fields directly adjacent to Gran Tierra’s largest producing asset, Acordionero.
President Gustavo Petro spoke publicly on Ecopetrol twice in March, offering a consistent reading of the company’s deteriorating financial performance and using both opportunities to reinforce his energy transition agenda.
Ecopetrol closed 2025 with net profits of CoP$9.02T — down 39.5% and the lowest figure since 2021 — capping a third consecutive year of earnings deterioration. What can be done?
Petrobras and Ecopetrol announced on March 18, 2026 the confirmation of a new natural gas discovery in the deep waters of the Colombian Caribbean, with the drilling of the exploratory well Copoazú-1 in Block GUA-OFF-0. The companies stated that “the discovery consolidates the gas province and the hydrocarbon potential in this area, while adding a greater volume of gas to contribute to the country’s energy security.”
Three of Ecopetrol’s major labor unions have gone public with sharp criticism of both the company’s strategic direction and the continued tenure of president Ricardo Roa.
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.
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