Colombian government faces controversy over Ecopetrol’s profit drop in 2023
The Government of Colombia has found itself at the center of a new controversy following the release of Ecopetrol’s 2023 financial results, showing a significant decrease in profits for the state oil company. Directed by Ricardo Roa, Ecopetrol plays a crucial role in providing foreign currency to Colombia through various phases of the hydrocarbon chain.
However, with President Gustavo Petro’s administration pushing for an energy transition away from hydrocarbon extraction, Ecopetrol is facing challenges. The recent profit drop has led Roa to discuss the future of the company, including the possibility of importing gas from Venezuela, a move supported by Petro.
According to Roa, the country may need to start importing gas sooner than expected to mitigate a projected deficit in the supply-demand balance starting in January 2025. This potential gas importation would be facilitated by a partnership with Venezuela’s PDVSA, as announced by President Petro. Discussions have already led to review commitments and assessments of the gas pipeline’s integrity.
As Colombia navigates these energy security challenges, it is clear that exploring alternative solutions will be crucial for Ecopetrol’s sustainability and the country’s economic stability. Stay updated on this developing story in WEEK.