Ecopetrol Board Elects New Leadership

- The new chairwoman, Ángela María Robledo Gómez, is a psychologist and politician with a master's degree in political science. She has served in Colombia's Chamber of Representatives and has been involved in national peace dialogues and advisory roles on gender issues with UN Women. - Vice Chairman Hildebrando Vélez Galeano is a chemical engineer with a Ph.D. in Environmental Sciences and has a background as a trainer and advisor for environmental and rural organizations. He previously served as an advisor to the Ministry of Equality and Equity and is the father of the former Minister of Mines and Energy, Irene Vélez. - These board appointments follow a period of governance scrutiny; a March 2024 internal committee report questioned whether several government-proposed nominees, including Robledo, possessed the required management and industry experience to oversee the state-controlled oil company. - The leadership transition occurs as CEO Ricardo Roa Barragán, who managed President Gustavo Petro's 2022 campaign, faces legal challenges related to alleged campaign finance irregularities. - The new board will steer the company's "Energy that Transforms" 2040 strategy, which balances hydrocarbon operations with investments in low-carbon solutions. Ecopetrol plans to invest around $20 billion between 2024 and 2026, with approximately 40% allocated to its energy transition businesses, including natural gas. - The reported 1.944 billion barrels of oil equivalent in reserves marks a 2.7% increase from 2024 and represents a reserve replacement ratio of 121%, the highest for the company in four years. This was achieved through enhanced recovery projects and improved operational management despite a 13.9% decrease in the Brent reference price. - Ecopetrol's recent board changes are aligned with President Gustavo Petro's broader policy of moving the Colombian economy away from fossil fuels, a stance that has previously led him to block new drilling licenses.