During his participation in the World Economic Forum that takes place in Davos, Switzerland, the president of Ecopetrol, Felipe Bayón, highlighted the importance of continuing to have oil while Colombia advances in the energy transition.
“Ecopetrol could be 10 percent of Colombia’s budget. The country still needs the funds through dividends, royalties and taxesat the same time that we are leaders and we lead the transition not only in Colombia but also in the region”, he assured.
(Also read: Colombia will not sign more oil and gas exploration contracts)
The president of the oil company also stated that Colombians are going to need good quality gasoline, diesel, jet, petrochemicals, and gas, while progress continues in the production of non-conventional renewable energy.
«We already produce blue hydrogen and we are investigating green and approving large projects this year. We are also looking at white hydrogen, solar, geothermal, small hydro and wind,» he added.
Felipe Bayón affirmed that renewable energies are part of the company’s planes in the long term, «protecting existing business». «We have a strategy and it’s going to change. It’s 20 years away, it can be configured, it can be modulated in some way, but I think the motivation and the intent are there,» he said.
By 2023 Ecopetrol plans to invest between 5.9 trillion and 6.8 trillion pesos in renewable self-generation, hydrogen, transmission and roads, and energy efficiency; between 3.6 trillion to 4.1 trillion pesos for gas self-sufficiency and from 15.8 trillion to 18.9 trillion to ensure energy security, financial sustainability and favor the country’s trade balance.
(Also read: Ecopetrol will build a solar park in its largest field in Colombia)
Renewable self-generation resources, hydrogen, energy efficiencycarbon capture and ISA (transmission and roads), represent about 23 percent of the investment plan for 2023.
Nearly 4.1 trillion pesos in the next three years (around 315,000 million in 2023), will allow incorporate 900 megawatts of renewable energyproduce more than 50,000 tons of low-carbon hydrogen, reduce about 400,000 tons of CO2e emissions, and advance in carbon storage and capture studies.
Ecopetrol’s action It lost 1.18 percent this Thursday at a price of 2,770 pesos. Analysts warn that statements like the ones Minister Irene Vélez has given at the Economic Forum in Davos have had an impact on the oil company’s title in the past, so they do not doubt that the behavior of today’s stock is associated with those new pronouncements.
