Ecopetrol is a Colombian oil and gas company that was founded in 1951. It is one of the largest companies in Colombia and is a key player in the country's economy. The company is listed on the Colombian stock exchange and has a market capitalization of around $30 billion.
Ecopetrol operates in the Integrated Oils sector, which involves the exploration, production, refining, and marketing of oil and gas products. The company has a diverse portfolio of assets, including oil and gas fields, refineries, and petrochemical plants.
In recent years, Ecopetrol has been focused on decarbonisation and reducing its carbon footprint. The company has set a target to reduce its greenhouse gas emissions by 20% by 2030, compared to 2017 levels. To achieve this goal, Ecopetrol is investing in renewable energy and exploring new technologies to reduce emissions from its operations.
One of the ways that Ecopetrol is investing in renewable energy is through corporate energy purchase agreements (PPAs). These agreements allow the company to purchase renewable energy from third-party providers, which helps to reduce its reliance on fossil fuels. In 2020, Ecopetrol signed a PPA with a solar energy company to purchase 50 MW of renewable energy for its operations.
In addition to PPAs, Ecopetrol is also investing in its own renewable energy projects. The company has a 21 MW wind farm in La Guajira, which is expected to generate around 80 GWh of electricity per year. This project will help to reduce the company's carbon footprint and increase its use of renewable energy.
Ecopetrol is also exploring new technologies to reduce emissions from its operations. The company is investing in carbon capture and storage (CCS) technology, which involves capturing carbon dioxide emissions from industrial processes and storing them underground. Ecopetrol is working on a CCS project at its Barrancabermeja refinery, which is expected to capture around 1 million tons of carbon dioxide per year.
In addition to its focus on decarbonisation, Ecopetrol is also committed to corporate social responsibility. The company has a number of programs in place to support local communities and promote sustainable development. For example, Ecopetrol has a program to support small and medium-sized enterprises in the communities where it operates. The company also has a program to promote education and training for young people, with a focus on science, technology, engineering, and mathematics (STEM) subjects.
Overall, Ecopetrol is a leading player in the Integrated Oils sector in Colombia. The company is committed to decarbonisation and reducing its carbon footprint, and is investing in renewable energy and new technologies to achieve this goal. Ecopetrol is also committed to corporate social responsibility and supporting local communities, which is an important part of its business strategy.