Despite facing formal charges from the Attorney General’s Office over alleged campaign finance violations and a luxury apartment purchase, Ecopetrol president Ricardo Roa is unlikely to be removed—and markets may actually prefer it that way, according to a leading equity analyst.
Colombia’s General Controller (Contraloría General de la República) flagged a presumed loss of CoP$86.054 billion in two Ecopetrol contracts following a 2024 audit, raising fresh concerns about oversight and project management at the state oil company, La República reported on January 19, 2026.
The Administrative Court of Cundinamarca has admitted a public interest lawsuit against Ecopetrol and the Ministry of Finance aimed at blocking any potential sale of the state oil company’s Permian Basin assets in the United States, Valora Analitik reported on January 28.
Colombia’s Attorney General announced February 9 it will file formal charges against Ecopetrol president Ricardo Roa on two separate cases, one stemming from his role as campaign manager for Gustavo Petro’s 2022 presidential bid. The charges mark an escalation from administrative sanctions to criminal proceedings that could reshape leadership at Colombia’s largest company.
Ecopetrol President Ricardo Roa confirmed the company’s Permian Basin field in Texas could be among assets under evaluation for divestment, responding to government opposition to fracking technology. The field, acquired under 2020 contracts, requires operational agreement updates and strategic decisions on future extraction.
Mónica de Greiff, former president of Ecopetrol’s Board of Directors, explained in an extensive Revista Semana interview the circumstances surrounding her October 2025 resignation after initially attempting to resign in May 2025.
Ecopetrol’s Board of Directors approved a 2026 Annual Investment Plan ranging from COP$22T to COP$27T, confronting a challenging environment marked by declining profits, low oil prices, and structural exploration restrictions.
Ecopetrol and the José Benito Vives De Andréis Marine and Coastal Research Institute (Invemar) signed a renewed collaboration agreement to advance knowledge generation and conservation of Caribbean seabed ecosystems, building on their existing framework partnership.
Martín Fernando Ravelo assumed the presidency of Colombia’s Unión Sindical Obrera (USO), the country’s largest petroleum workers union, replacing César Loza who was elected to represent workers on Ecopetrol’s board of directors.
Ecopetrol called an extraordinary shareholders assembly for February 5, 2026 at 8:00 AM to elect nine board members for terms extending through 2029, following the departures of Mónica de Greiff and Guillermo García Realpe. The completed slate features historic worker representation alongside technical expertise spanning the energy sector.
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