Colombia’s state-controlled oil company Ecopetrol reported a net income for the second quarter that was down by 17.4% compared to the same period of 2023, due to external factors in variable market conditions.
The oil and gas industry is pushing the limits of offshore exploration with plans to drill a record-setting deepwater well in Colombia within months.
Colombia’s state-owned Ecopetrol sees the country’s offshore gas production coming on line as early as 2029, Bloomberg reported on Tuesday.
Colombia is targeting oil productiton of 1 MMbpd by pressuring drillers to step up activity in underused exploration blocs, according to the nation’s top energy official.
Ecopetrol has discovered substantial oil flows from an onshore well in the Putumayo province in Colombia, Reuters announced on Thursday.
Since the 2020 COVID-19 pandemic, Colombia’s economically crucial oil industry has struggled to recover. During 2022, Colombia only pumped an average of 754,199 barrels daily, which is significantly lower than the 885,851 barrels per day produced in 2019.