Ecopetrol has approved an investment plan of COP 22–27 trillion ($5.4–$6.7 billion) for 2026, maintaining capital levels similar to those projected for year-end 2025 while prioritizing upstream development and operational efficiencies.
Roughly 70% of next year’s budget — about COP 17.2 trillion — will go to exploration, production, refining and transport activities aimed at sustaining output between 730,000 and 740,000 boed. The plan assumes an annual Brent price of $60/bbl and a COP/USD exchange rate of 4,050.
Ecopetrol expects to drill 380–430 development wells in 2026, with 95% of activity in Colombia. Eight to 10 exploration wells are planned, targeting offshore prospects as well as Meta and Putumayo basins. Gas investments, estimated at COP 1.5 trillion, will emphasize Llanos Foothills developments and Caribbean offshore gas, supporting a production target of 105,000–110,000 boed.
Transport projects represent about COP 1.5 trillion, largely for pipeline integrity and reliability upgrades across Cenit, Ocensa, ODC and ODL. Refining investments of roughly COP 1.7 trillion will focus on availability and emissions improvements at the Barrancabermeja and Cartagena complexes, maintaining throughput of 410,000–420,000 bpd.
The Ecopetrol Group will also invest COP 6.2–6.8 trillion through its transmission subsidiary ISA — about 26% of total spending — primarily for power-grid expansion. Energy transition initiatives, including renewables and efficiency programs, account for COP 0.9 trillion, with plans to add roughly 750 MW of clean-energy capacity.
The company said it will pursue cost-reduction measures and a portfolio rotation strategy to preserve liquidity, targeting an EBITDA margin near 40% and transfers to the national government of roughly COP 28 trillion.
