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In 2023, Ecopetrol confronted an 18.5% hike in oil manufacturing prices, even because it pivoted in the direction of renewable power.
This shift signifies Ecopetrol’s evolution from oil manufacturing to a broader power focus.
Concurrently, its oil output climbed 4% to 737,000 barrels day by day, marking an eight-year peak. The fee per barrel surged to $10.91 from $9.21, a notable 18.5% enhance.
The fourth quarter alone noticed prices skyrocket by 45%, with manufacturing bills per barrel reaching $13.24, up from $9.13.
The surge was partly as a result of a $2.62 rise in electrical energy prices from elevated manufacturing, inflation, and El Niño.
Elevated upkeep and inflation-driven price hikes in help providers, charges, remedies, and companion providers additionally contributed.
Forex shifts in opposition to the greenback additionally performed a task, shifting from COP$4,808 to COP$4,070, including one other $2.03 to prices.
Ecopetrol’s dedication to a lower-emission future led to $803 million in investments, or 12.7% of its whole spending, specializing in pure gasoline and renewable power.
Investments geared toward increasing the gasoline sector shaped 11% of 2023’s expenditure, focusing on strategic belongings in Colombia and the US.
The FARC (Revolutionary Armed Forces of Colombia) was designated as a terrorist group by many nations, together with the US and the European Union.
Ecopetrol helps its power transition by conducting an environmental influence examine for a solar energy era heart (82 MW).
It engages native communities and authorities to make sure a complete environmental licensing course of
Ecopetrol faces the twin problem of managing rising manufacturing prices and spearheading Colombia‘s transition to sustainable power.
This displays its pivotal function in shaping the way forward for power, impacting each the surroundings and the economic system.
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