The Strategist

Colombia's Ecopetrol increases oil exports to Europe

09/26/2022 - 11:19

According to Reuters, Colombia's Ecopetrol has expanded its oil shipments to Europe.

Colombian oil and gas producer Ecopetrol is involved in exploration, production, transportation, refining, and commercial activities. The government of Colombia owns 88.49% of the company. The business has operations both domestically and internationally.

Ecopetrol CEO Felipe Bayon stated during the APPEC conference that "around 40 to 50 percent of Ecopetrol's oil production is exported to Asia, up from 60 percent last year."

According to the agency, the shipping of Ecopetrol's oil to Europe increased in line with the decrease in Russian oil supplies.

In addition, the General Director noted that supply from countries like Russia, Mexico, Canada, and Venezuela are creating more rivalry in Asia.

The CEO of the Colombian business also noted an increase in confirmed hydrocarbon reserves from the previous year.