In the year 2004, Ecopetrol S.A. achieved its best fi- nancial results ever. Net profits amounted to MUS$ 803, that is, a 45% growth vis-à-vis the year 2003.


The high international prices and an enhanced operational and administrative management translated for Ecopetrol in a balance of trade above US$2 billion, that is, a 30% increase vs. 2003.

The main outcome of exploration activities was the proven hydrocarbon volume in the Gibraltar field, which amount to 120 Million Barrels of Equivalent Oil, 630 giga (thousand million) cubic feet of gas and l5 million barrels of oil.

As regards the execution of new contracts, Tayrona stands out, which was entered into with ExxonMobil and Petrobras for offshore exploration in the Caribbean, thus opening a new exploration border line.

To add further reserves and ensure exploration
investment, the Company extended some association contracts. In April 2004, the Cravo Norte association contract with Occidental was extended, and in September, the Casanare Association with Perenco was also extended.


Ecopetrol conducted a round for minor fields, which led to adding new reserves and reactivating the country’s petroleum industry.

Ecopetrol refineries achieved a record average loading of 305,000 barrels per day, as a result of the optimization processes and the increased investment.