This Friday the group Ecopetrol reported that by 2023 its investment plan would be between $25.3 and $29.8 trillion (that is, between US$5.600 and US$6.600 million).a figure that represents an increase compared to those of 2022, since the resources defined for this period were between US$4.800 and US$5.800 million.
(Ecopetrol’s response to the contract to import Venezuelan gas).
The main objective of this plan approved by the board of directors is to accelerate the energy transition, according to the company. For this, 23% of the resources are destined to diversify the low and zero emissions businesses of the Group, as well as ISA. Among the proposed objectives are incorporating 900 megawatts of renewable energy and producing 50,000 tons of green hydrogen by 2025.
For these fronts, Ecopetrol expects to allocate between $5.9 and $6.8 trillion. ISA alone will invest $6.3 billion, focused mainly on the energy transmission business.
Additionally, they reported that another $15.8 to $18.9 trillion would be aimed at “ensuring energy security, financial sustainability, and favoring the country’s trade balance.”
Regarding the main destinations of these resources, Ecopetrol reported that 66% would go to projects in Colombia, and the remainder mainly in the Permian basin (19%), Brazil (9%), Peru (3%) and Chile (3%).
(Ecopetrol sold its first shipment of carbon oil to Europe.)
In terms of oil production, the company increased its target from 700,000 to 705,000 barrels of oil equivalent per day by 2022 to 720,000 to 725,000 barrels. For this, they reported that the use of enhanced recovery technologies will be improved.
In 2023 they expect to drill 574 development wells next year and also another 25 exploration wells in the Eastern Plains, Middle Magdalena Valley, Piedmont and Offshore Caribbean.
For sustainability, a significant amount of $2.3 trillion will also be allocated, focused on the decarbonization of the operation, water management, fuel quality, research, circular economy, among others.
(The potential for gas in the sea that would double reserves, according to Ecopetrol).
The price scenario proposed in this investment plan estimates that the Brent average will remain at US$80 per barrel, with a Roace higher than 10% and an Ebitda margin above 40%.
The income for the nation from the company’s activity would reach $40 billion.
The plan will be financed with its own resources, the collection of existing debt from the Fuel Price Stabilization Fund (FEPC) and debt leverage (with a Gross Debt/EBITDA ratio of less than 2.1 times).
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