Colombia’s oil and gas industry is not coming to an end due to the transition to cleaner energy, Ecopetrol CEO Ricardo Roa said on Tuesday, in response to a union statement which alleged executive decision-making is threatening the majority state-owned company’s future.
Last December, Ecopetrol said it would invest between 25.3 trillion pesos and 29.8 trillion pesos , with a focus on the transition to renewables and ensuring energy self-sufficiency. Petroleum industry workers union USO said in statement published on social media on Monday that Ecopetrol plans to cut its investment in exploration and production by more than 40 per cent, taking spending to $2.5-billion in 2024, down from $4.5-billion this year, threatening the company’s future.