Ecopetrol Sets 2026 Investment Budget at $5.9B–$7.2B, Targets Stable Output and Energy Transition Growth

Ecopetrol (EC), Colombia’s state-controlled oil and gas company, announced plans to invest 22–27 trillion pesos ($5.9B–$7.2B) in 2026, maintaining spending levels similar to 2025 while emphasizing capital discipline across all business lines.

Production & Refining Targets for 2026

Ecopetrol allocated 17.2 trillion pesos toward sustaining and optimizing its core upstream and downstream operations. The company aims to achieve:

Production: 730,000–740,000 boe/day
- 89% crude oil
- 11% natural gas
Refining throughput: 410,000–420,000 bbl/day
Transportation: 1.11M–1.12M bbl/day

Crude oil production in Colombia is expected to rise, helping offset declines from maturing natural gas fields.

Energy Transition & Infrastructure Plans

Roughly 30% of the investment budget (7.1 trillion pesos) is earmarked for:

Renewable energy and power transmission projects
Infrastructure development, including roads
Broader corporate investments supporting long-term decarbonization goals

This allocation reflects Ecopetrol’s multi-year strategy to expand beyond hydrocarbons while strengthening national energy security.

2026 Drilling Activity

The company plans an extensive drilling program that includes:

380–430 development wells
- 95% in Colombia
- 5% in the U.S.
8–10 exploratory wells, mostly in offshore Colombia

These efforts aim to sustain production volumes and uncover new reserves.

Budget Assumptions

The investment plan is based on:

Brent crude price: $60 per barrel
Exchange rate: ~4,050 pesos per U.S. dollar

Governance Update

Ecopetrol also announced changes in its leadership:

Ángela María Robledo Gómez elected Chairwoman
Álvaro Torres Macías elected Vice Chairman