The most recent estimates from Corficolombiana indicate that during 2023 ecopetrol, the main company in the country, will deliver $52.5 billion to the Nation. Mainly these resources will be given by dividends and taxes that would add up to $41.5 billion.

Although this is an important figure, it represents a drop of 17% in terms of the forecast that had been previously made by the entity, which calculated that the contributions would be $63 billion and the main adjustment is in taxes, in which the estimate had a reduction of 56%.

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According to Corficolombiana, this change occurred since «we replaced the provision for taxes of Grupo Empresarial Ecopetrol (consolidated financial statements) by the calculation of the box corresponding to Ecopetrol’s income tax.»

With these modifications, this year the state oil company would have 3.4% of the Gross Domestic Product (GDP) of the Nation.

The report points out that this level of contribution «corroborates that the company and its good administration are essential for the country.»

The expectations for this year’s contributions present a significant increase compared to what was received in 2022, when it was $32 billion.

The entity indicates that the investment plan that it has estimated ecopetrol it will be very representative, since 66% of the US$400 million will also be allocated to operations in Colombia. This means that it will be an irrigation of $40 billion in local investment.

Felipe Bayón, president of Ecopetrol.


Press – Oil, Gas and Energy Summit

“We emphasize that except for what is related to the fracking in Colombia (discarded under this administration) and carrying out new exploration projects (the last word has not been said according to Minister Ocampo), the company’s 2040 Strategic Plan is maintained,» the report states.

Regarding the tax reform, Corficolombiana points out that the effects will be evident in 2024, especially with respect to the surcharge.

Based on prices, the 15% surtax will be in force, since it will be used over US$81 per barrel of Brent and according to Corficolombiana’s estimates, the price of crude oil will be US$85 by 2024.

«Even if the operation and the prices of 2022 were maintained in 2023, the profit to be distributed would decrease due to the tax reform and its effect would be in the dividends to be distributed in 2024,» they affirm.