The Colombian government keeps pushing for the sale of Ecopetrol's Permian basin stake in the United States, despite the oil company's explicit denial. This deal would mean forgoing 15% of hydrocarbon production, or 115,000 barrels daily. The dispute arises amid the president's push for energy transition.
The controversy between the Colombian government and Ecopetrol continues over the future of the Permian basin, an oil company asset in the United States exploited through fracking that accounted for 15% of hydrocarbon production at the end of the first semester, with 115,000 barrels daily in June, a significant rise from 5,200 barrels per day five years ago.
Following the Extraordinary Shareholders' Assembly, where Finance Minister Germán Ávila served as president, Ávila stated that they are reviewing the option to divest from this unconventional reservoir. "It is part of all the demands made by the president in favor of the energy transition. The intention is for Ecopetrol to play a leading role in other areas of production in the country. We are advancing on that path, we believe the process needs to be accelerated but it is a dynamic that does not happen overnight," Ávila noted.
However, Ecopetrol informed the Comptroller last week that, for fiscal year 2024 and to date, it has not presented any divestment proposal for the Permian to its Board of Directors, so no impacts have been evaluated. The basin generates 14% of the company's EBITDA, and the Comptroller estimates that its sale would cause a 30% drop in share value.
The Attorney General's Office has opened an investigation into the possible sale of Permian shares. Additionally, the inclusion of a workers' representative on the Board of Directors could hinder the operation. The Unión Sindical de Trabajadores de Ecopetrol (USO) firmly rejects the sale, arguing it is the most profitable business, with lifting costs of US$5 to US$6 per barrel, compared to more than double in national fields. "If this decision to sell Ecopetrol Permian materializes, which would put the company at risk, our union will have no choice but to take decisive actions of mobilization and protest against these measures that wither the company," the USO stated.