Apr 30, 2020

In 2019, the production of the Ecopetrol Group was 725 thousand barrels of oil equivalent per day (Kboed), which fulfilled by 100% the target for the year and exhibited an increase of 0.6% versus 2018.

Regarding new businesses, during 2019, the Joint Venture with the Occidental Company (OXY) was signed, for the development of unconventionals outside Colombia, expected to produce 95 thousand barrels of oil equivalent per day by 2027, incorporating 164 million barrels of proven reserved (1P) in its first year.

Well drilling

During 2019, 606 wells were drilled, 27 additional wells to those drilled in 2018, and 468 workover works were carried out. Regarding facilities, the entry into operation of the Cupiagua LPG plant and the expansion of the water management facilities in Rubiales are worth highlighting, the latter with an investment of USD $2,953 million, the highest in the past four years.

Of the total number of wells drilled and completed, 301 are 100% wholly owned by Ecopetrol’s operation, 273 were executed in conjunction with Associates and Partners, 30 by Hocol and two by Ecopetrol America.

Ecopetrol's relations with production partners

Ecopetrol's relationship with its Associates or Partners, as a key element of the Corporate Strategy, is focused on maximizing the value and sustainability of assets, optimizing its operations and managing risks, promoting respectful and collaborative relationships, within the ethical and transparency guidelines of Ecopetrol.

Within the continuous improvement process, a specific relationship plan was created for each Company and a measurement carried out annually in order to identify the aspects that can be strengthened and those in which Ecopetrol is successful. In the last measurement carried out in 2019, its Associates / Partners recognized respect in the management of the relationship, the technical and environmental knowledge of the workers, access to information and best practices as a benefit of their association, as well the stability, trust and seriousness derived therefrom.

In terms of matters to improve, agility in decision-making and process execution were identified. At the end of the 2019 term, Ecopetrol administered 52 Collaboration Contracts in the exploitation phase (see Table 11), with 27 Associated companies


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