One year after its transformation, Ecopetrol in 2004 consolidated the first results of its work as a company exclusively dedicated to its commercial businesses, freed from its duties as the state administrator of petroleum resources, improved the principal indicators in its operational areas, generated new businesses and completed its internal restructuring to optimize administration while at the same time obtaining record profits for the benefit of all Colombians.

Ecopetrol spent more on exploratory activities in 2004 than ever before, almost three times as much as in the previous year, to intensify the search for hydrocarbons. In this field, it reported its first results involving a rebound in key indicators, such as seismic acquisition, and the discovery of Gibraltar, in the Foothills region, along with new contracts, particularly in the Tayrona area, signed with Exxon-Mobil and Petrobras for exploration of the Caribbean coast.

The company also implemented a strategy to maximize production at existing fields and thereby strengthen the country’s self-sufficiency in oil. The results demonstrated that, as of the end of 2004, an average of 528,000 barrels were being produced daily, just 2.4% less than the figure for 2003.

In the field of refining, Ecopetrol increased its investment budgets to optimize operations, improve reliability and increase profitability at its two principal refineries. Similarly, it carried out activities to enable the government to authorize the execution of the Cartagena Master Development Plan with participation by private investors.

The year 2004 was not only a record year in refinery loading, but also a positive period in the fight against fuel theft, which showed a 49% decrease vis-à-vis 2003.