Ecopetrol Resumes Exploration with Fracking and Offshore Projects

Ecopetrol, Colombia's state-owned oil company, has announced its intention to resume exploration activities, including fracking and offshore projects, after a decline in profits and slowed exploration. President Joaquín Gutiérrez Caballero stated that the company will 'advance in conventional and unconventional projects' and 'implement responsible fracking'. The decision aligns with President Abelardo de la Espriella's proposal to resume exploration contracts, unlike the previous government that did not sign any new ones. Ecopetrol aims to grow through exploration, signing new contracts, and starting new profitable businesses. The company faces a narrow energy horizon with reserves of only 7.4 years for oil and 5.9 years for gas. Part of the bet will be in the Caribbean, with the development of offshore gas finds like Sirius. Ecopetrol will also open an alternative headquarters in Barranquilla to 'irrigate the whole country from the coast'.