Law 1118 of 2006 split the functions of Ecopetrol, transferring to the ANH the authority over sectoral policies and the award of areas for exploration and exploitation. Ecopetrol in its statutes adopted as the main corporate object the “development, in Colombia and abroad, of activities related to exploration, exploitation, […] and commercialization of hydrocarbons, and its derivatives. “With a guideline:” competitively, attending criteria of economic and financial responsibility in consideration of market circumstances and the risks of the industry. “Thus the way to privatize in a democratic way 12% of the company’s actions, as of September 2007. Colombia values (BVC).
Corresponds to its board of directors to approve: “The direct acquisition of participations and rights in constituted societies that have a similar object […] or useful for the development of the corporate purpose; the disposal of participations, contractual positions and rights […]; THE STRATEGY AND BUSINESS PLAN […]; THE BUDGET AND INVESTMENT PLAN […]; the new businesses of the group. ” With such respect for the corporate governance that the Ministers of Finance and Mines and Energy stopped being part of the Board.
However, this government began limiting, through ANH, the awards of new areas for oil and gas; He wasted by decision of the ANLA the opportunity of the Komodo well in the Caribbean after investments of hundreds of millions of dollars in the most sophisticated submarine exploration; He braked by presidential interference a decision of the Board in the participation in the project of the Oslo well in association with Oxy, which promised a 9% increase in its proven reserves and a growth of 14% in its profits.
Between January and December 2022, the price of oil rose 10.45% while Ecopetrol’s action fell 10.04%. Exploratory activity has decreased 50% and lost 20 thousand jobs. Gas production decreased and has to import more gas impacting homes, industry, commercial balance and royalties for the regions. In the last 2 years, Ecopetrol’s contribution to the Colombian State fell $ 35 billion, equivalent to two tax reforms. Who should respond to the company, its thousands of minority shareholders and the State for such colossal deterioration?
