Reporting by Oliver Griffin and Carlos Vargas, Reuters

BOGOTA
EnergiesNet.com 11 09 20233

Colombia’s majority state-owned oil company Ecopetrol expects production of up to 731,000 barrels of oil equivalent per day (boed), Chief Operating Officer Alberto Consuegra said on Wednesday during a call with analysts.

The company reported third-quarter net profit of 5.09 trillion pesos ($1.27 billion) on Tuesday, a 47% decline versus the year-earlier period, due to lower oil prices even as production increased.

“Production is forecast to close the year in a range between 720,000 and 731,000 boed,” Consuegra said. Production at the group level averaged 709,500 boed in 2022.

Production in the third quarter of the year was up 2.8% to an average of 740,8000 barrels of oil equivalent per day (boed), the company said.

Average production for the year through Sept. 30 was up 3.3% to 729,500 boed.

The government of leftist President Gustavo Petro has made weaning Colombia off of its dependence on fossil fuels – particularly major earners oil and coal – a key policy.

Finance Minister Ricardo Bonilla on Wednesday told journalists that an extraordinary general meeting called by the government, which owns just over 88% of the company, would look to convert Ecopetrol into a broader energy company.

“We need it to become a solar, wind and hydrogen generator,” Bonilla said, adding that the meeting would also seek changes to how members of the board of directors are chosen.

“Today, the requirements only take professional experience into account and do not consider studies,” Bonilla said, adding that changes would make the requirements compatible with other areas of Colombia’s economy, where university and postgraduate studies are considered.

($1 = 4,005.06 Colombian pesos)

Reporting by Oliver Griffin and Carlos Vargas; Editing by Chizu Nomiyama

reuters.com 11 08 2023