Ecopetrol Shoulders the Load as Petro's Oil Policies Squeeze the Patch: Colombia's Ecopetrol Unveils 2026 Spending Plan Amid Hostile Political Climate

Ecopetrol is maintaining its 2026 spending plan of $5.9-$7.2 billion, despite a hostile political climate for hydrocarbons in Colombia. The plan includes 380-430 development wells and a forecast of 730,000-740,000 boe/d. The company is shouldering the load as Colombia's oil policies squeeze the patch, with President Gustavo Petro having halted new exploration, banned fracking, and imposed new taxes. Ecopetrol is relying on existing fields, squeezing lifting costs, and diversifying into the U.S. Permian to maintain production.