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Oil exports from Colombia to the world in 2023

Crude oil exports from Colombia to the world had a year-on-year drop of 23% in 2023, to US$12.435 billion.

After reaching a record $27.644 billion in 2013, these sales have not exceeded $17 billion in the last nine years.

In Colombia, the largest oil company is Ecopetrol, one of the most relevant integrated energy companies in Latin America.

Ecopetrol also has activities in the United States, Brazil, Mexico, Peru, Chile and Bolivia

Although there was a year-on-year drop in oil exports from Colombia, the previous trend was upward.

From 2020 to 2021, these exports rose from US$7,120 million to US$10,299 million, and then increased to US$16,186 million.

Who were the main destinations of these shipments? The United States (US$4,157 million), Panama (US$4,156 million), India (US$1,642 million) and China (US$1,066 million), according to data from the National Tax and Customs Directorate (DIAN).

Oil exports

On March 22, 2024, Ecopetrol held a General Shareholders’ Meeting at which a new Board of Directors was elected. 

The new Board is composed of Ángela María Robledo, Lilia Tatiana Roa, Mónica de Greiff, Gónzalo Hernández, Luis Alberto Zuleta, Edwin Palma Egea, Guillermo García Realpe, Álvaro Torres Macías and Juan José Echavarría.

In Colombia, Ecopetrol is responsible for more than 60% of the hydrocarbon production, transportation, logistics and refining systems.

The company also holds a leading position in the petrochemicals and gas distribution segment.

Through ISA, Ecopetrol has a strong position in the power transmission, highway, and telecommunications sectors throughout Latin America. 

Leader in oil sales

The Colombian government owns 88.49% of Ecopetrol’s voting capital stock. 

In 2023, the Colombian government paid 26.3 billion pesos to FEPC for its 2022 deficit. 

This payment was made with the budget allocation earmarked for the FEPC, surpluses from uncommitted appropriations from debt service and Treasury operation, and dividend compensation from the Ecopetrol Group.

Ecopetrol is among the largest public companies in the world, ranking 311 in the Forbes Global 2000 Ranking 2023, and the largest Colombian company in this ranking.

 

Redacción Opportimes