President of the Board of Ecopetrol said that exploration will continue

The new president of the board of directors (JD) of Ecopetrol, Saúl Kattan, stated that the company will maintain its levels of oil exploration.

“The idea is not to end what you have, but to grow in digital transformation and clean energy”, he said, this Wednesday, November 2.

(See: ISA’s net income quadrupled in the third quarter of 2022).

It should be remembered that in the past, the president of the oil company, Philip Bayon, pointed out that the exploration plans that the company has are from a horizon of more or less 10 years, with what they have already acquired in contracts.

Kattan noted, regarding the Strategy 2040 of the company, that it will remain.

(See: Ecopetrol: this is what the government says due to changes to the Board of Directors).

“The 2040 Strategy remains. We would like to accelerate it a little more so that this energy transition has a greater impact”said.

Specifically, the strategy includes a move towards low and zero emissions businesses, which by 2040 would manage to represent between 30% and 50% of total EBITDA.

(See: The new president of the Board of Directors of Ecopetrol).

This means that businesses like the green hydrogen productionandl natural gas and biofuels they would come to represent a much more relevant role than the current one. In fact, 82% of the current business is represented by the extraction of hydrocarbons.

Kattan said that the idea is that, while maintaining the core business, these new businesses will be strengthened.

(See: Ecopetrol: Felipe Bayón was endorsed as president of the company).

BRIEFCASE