During the conference that Ecopetrol held this Wednesday to share the company’s financial and operational results in the first quarter of the year, it was commented that Canacol Energy would be studying the possibility of selling its assets in Colombia because he would be going through “difficult financial times.”
“Indeed, we have learned from some media outlets of the possibility that Canacol Energy enters into a sale of its shares and gas assets in the country“said the president of Ecopetrol, Ricardo Roa.
Canacol Energy is a Canadian company that is dedicated to the search and production of natural gas and today It delivers approximately 20 percent of the natural gas consumed in the country.
In Colombia, This company has 12 assets which are located in the basins of the Middle and Lower Magdalena Valley. One of them is Rancho Hermoso, a block dedicated only to oil production.
President of Ecopetrol, Ricardo Roa.
Photo:Nestor Gomez. Time
Canacol Energy’s assets will be observed within the procedures
Given the possibility of contemplating the purchase of these assets, the president of Ecopetrol assured that “This is part of the many opportunities and valuation options that Ecopetrol makes internally in its portfolio.”
In addition, he recalled that in the next five years there will be a natural gas deficit in the country. Therefore, “Canacol Energy assets will be observed within the internal analysis procedures and protocols of these investment opportunities.
(Also read: Ecopetrol profits fell 29.1% in the first quarter of 2024, adding $4 billion)
Canacol Energy assets in Colombia.
Photo:Canacol Energy
Meanwhile, Alberto Consuegra, operational executive president of Ecopetrol, highlighted that The company is a neighbor of many of the blocks that Canacol Energy has in the Lower Magdalena Valley.
“What we do is an analogy with what is happening in our fields to understand what adjustments we have to make in the development plans of our production fields, for example, Arrecife, but also to adjust the profiles of what would be the exploratory objectives in these blocks,” he said.
(Also read: Government will assume millionaire debt of families with energy companies through tariff option)
Photo:iStock
EL TIEMPO contacted Canacol Energy to obtain a statement on this issue, but received no response.
Financial situation of Canacol Energy
In 2023, Canacol Energy’s profits totaled 86.2 million dollars, They fell 41.4 percent compared to what it had reported in 2022. Meanwhile, its total income increased 11 percent to $304.9 million.
As for Its proven reserves of natural gas and oil, in 2023, decreased by 13 percent totaling 295 million equivalent cubic feet, while its proven and probable reserves decreased 6.9 percent and were 607,000 million equivalent cubic feet.
