During the VII Oil, Gas, and Energy Summit, Rafael Guzmán, Executive Vice President of Operations at Ecopetrol (NYSE: EC), outlined the company’s strategic initiatives aimed at strengthening Colombia’s hydrocarbon sector.
Nelson Castañeda, president of the Colombian Chamber of Oil, Gas, and Energy Goods and Services (Campetrol), outlined five key pillars that the industry hopes to implement in collaboration with the government and local authorities.
Energy experts and industry associations have been warning for months about the potential gas shortage Colombia may face starting in 2025. Concerns arise as projections show a deficit in natural gas supply, causing many to question the government’s management of this critical issue and its plans to ensure energy self-sufficiency.
The press has been chattering about Ecopetrol’s stock price for most of the third quarter. The ADRs were US$12.67 on June 24th (the last ex-dividend date) and closed last Friday at US$8.74 down 31%. The Colombian government, Ecopetrol’s 88% owner, seems unconcerned.
Colombia’s energy future may be on the cusp of a significant boost, thanks to the largest gas discovery in the country’s history.
Despite the recent discovery of significant natural gas reserves off the Colombian Caribbean coast, Ecopetrol’s (NYSE: EC) president, Ricardo Roa, announced that Colombia will need to continue importing gas for at least five more years.
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