Colombia’s state-run oil company Ecopetrol is on track to exceed its 2025 exploration and production goals, according to Vice President for Hydrocarbons Rafael Guzman. Speaking at the Acipet energy conference in Barranquilla, Guzman revealed the company expects to drill 20% to 40% more oil wells than the planned 10 for 2025. In the first half of this year, Ecopetrol drilled six wells, two of which were successful.
Ecopetrol is also outperforming its production target, pumping 751,000 barrels per day (bpd)—slightly above the upper range of its 2025 goal of 750,000 bpd. “It’s going really well to meet our goal,” Guzman said, noting that operational challenges have been largely overcome.
In addition to drilling, Ecopetrol is seeking partners for five oil fields within 18 months under production-sharing agreements. These deals allow private companies to invest without upfront costs for Ecopetrol, boosting reserves and output. A notable example is its agreement with Parex Resources of Canada, which will bring in $268 million in investment. Guzman confirmed strong industry interest in these partnerships, which are helping to revitalize mature fields.
Ecopetrol’s offshore ambitions also remain significant. Its Sirius joint venture with Petrobras in Colombia’s Caribbean waters is projected to require around $5 billion in investment and holds an estimated 6 billion cubic feet of natural gas. However, the project faces delays due to the growing number of community consultations—now up to 120 authorizations. The venture is expected to come online between 2029 and 2030, depending on regulatory progress.
Finally, Guzman emphasized that Ecopetrol aims to replace 100% of oil reserves in 2025, ensuring sustainable growth by adding one barrel of reserves for each barrel produced.