Aug 25, 1921 CE
Ecopetrol Founded as State Oil Company
The Colombian government establishes the Empresa Colombiana de Petróleos (Ecopetrol) as a state-owned enterprise to manage the nation's petroleum resources. #oil #history
Chronological Storyline (38 Milestones)
1922 CE
First Major Oil Discovery at La Cira-Infantas
The La Cira-Infantas oil field in the Middle Magdalena Valley is discovered, marking the first significant oil find in Colombia and establishing Ecopetrol's early production base. #oil #discovery
1948 CE
Ecopetrol Reorganized as Industrial Enterprise
Ecopetrol is reorganized as a state-owned industrial and commercial enterprise, becoming the primary operator of Colombia's oil industry. #history #oil
1951 CE
Construction Begins on Barrancabermeja Refinery
Ecopetrol starts building the Barrancabermeja Refinery, which becomes the largest refinery in Colombia and a key asset for domestic fuel production. #refinery #oil
1961 CE
Barrancabermeja Refinery Begins Operations
The Barrancabermeja Refinery starts operations, significantly boosting Colombia's refining capacity and reducing dependence on imported fuels. #refinery #oil
1970 CE
Orito Oil Field Discovered
The Orito oil field is discovered in the Putumayo basin, adding substantial reserves and expanding Ecopetrol's production footprint in southern Colombia. #oil #discovery
By Milenioscuro - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=18839075
1983 CE
Caño Limón Oil Field Discovered
The massive Caño Limón oil field is discovered in the Arauca department, becoming one of Colombia's largest producing fields and a key export asset. #oil #discovery
1986 CE
Ecopetrol Becomes Operator of Caño Limón
Ecopetrol takes over operations of the Caño Limón field after a partnership with Occidental Petroleum, strengthening its role as a major producer. #oil #operations
1991 CE
Cusiana Oil Field Discovered
The giant Cusiana oil field is discovered in the Llanos Basin, representing one of the largest finds in the Americas in the 1990s and transforming Colombia's oil outlook. #oil #discovery
1993 CE
Cupiagua Oil Field Discovered
The Cupiagua oil field is discovered adjacent to Cusiana, further boosting Colombia's reserves and making Ecopetrol a significant global player. #oil #discovery
Oct 7, 2003 CE
Ecopetrol Transformed into Mixed-Capital Company
Colombian law restructures Ecopetrol from a state-owned enterprise into a mixed-capital public company (Ecopetrol S.A.), allowing private investment. #corporate #restructuring
2004 CE
First International Bond Issuance
Ecopetrol issues its first international bond, raising capital to finance expansion and marking its entry into global capital markets. #finance #bond
2005 CE
Acquisition of Propilco Stake
Ecopetrol acquires a stake in Propilco, a Colombian petrochemical company, expanding its downstream operations. #acquisition #petrochemicals
2006 CE
Ecopetrol Enters Brazilian Market
Ecopetrol begins exploration activities in Brazil, its first international operations, marking a strategic expansion beyond Colombia. #expansion #Brazil
Nov 13, 2007 CE
Initial Public Offering on BVC
Ecopetrol launches its IPO on the Bolsa de Valores de Colombia (BVC), selling 10.1% of shares and raising over $2.8 billion, making it the largest IPO in Colombian history. #ipo #stockmarket
2008 CE
Acquisition of BP's Colombian Assets
Ecopetrol acquires BP's assets in Colombia, including stakes in the Ocensa pipeline and offshore blocks, strengthening its infrastructure. #acquisition #pipeline
2009 CE
Discovery of Reficar Refinery Upgrade
Ecopetrol announces a major upgrade to the Cartagena Refinery (Reficar), a $4 billion project to increase capacity and meet cleaner fuel standards. #refinery #investment
By William Buitrago - Own work, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=149713398
2010 CE
Acquisition in Peru and Gulf of Mexico
Ecopetrol acquires exploration blocks in Peru and the Gulf of Mexico, diversifying its international portfolio. #expansion #exploration
2011 CE
Ecopetrol Becomes Operator of Chichimene Field
Ecopetrol takes over as operator of the Chichimene heavy oil field in Colombia, increasing its heavy oil production capabilities. #oil #heavycrude
2012 CE
First Certified Oil Reserves Report
Ecopetrol publishes its first certified oil reserves report under international standards, confirming over 1.9 billion barrels of proven reserves. #reserves #transparency
2013 CE
Orca Natural Gas Discovery
Ecopetrol discovers the Orca natural gas field offshore Colombia in the Caribbean, a significant find for domestic gas supply. #gas #discovery
2014 CE
Oil Price Crash Impact on Ecopetrol
The global oil price slump forces Ecopetrol to cut capital expenditure by 25% and delay some projects, demonstrating vulnerability to commodity cycles. #oilprices #finance
Feb 1, 2015 CE
CEO Javier Gutiérrez Appointed
Javier Gutiérrez becomes CEO of Ecopetrol, leading the company through the oil price downturn with cost-cutting and efficiency measures. #leadership #ceo
2016 CE
Peace Deal Opens New Exploration Areas
The Colombian peace agreement with FARC guerrillas opens previously restricted areas for oil exploration, potentially adding new reserves for Ecopetrol. #peace #exploration
2017 CE
Ecopetrol Reaches 700,000 bpd Production
Ecopetrol's average daily production reaches 700,000 barrels of oil equivalent, a record high for the company. #production #oil
2018 CE
Reficar Refinery Modernization Completed
The Cartagena Refinery (Reficar) modernization project is completed, increasing capacity to 165,000 bpd and enabling cleaner fuel production. #refinery #modernization
2019 CE
Entry into Unconventional Exploration (Fracking)
Ecopetrol receives government approval to begin pilot projects for hydraulic fracturing (fracking) in the Middle Magdalena Valley, exploring unconventional resources. #fracking #exploration
Mar 1, 2020 CE
COVID-19 Impact and Production Cuts
The COVID-19 pandemic causes oil demand collapse; Ecopetrol cuts production by 30% and reduces CAPEX by $1.2 billion to preserve cash flow. #pandemic #oilcrisis
Aug 25, 2021 CE
Ecopetrol Centennial Celebration
Ecopetrol celebrates 100 years since its founding, highlighting its evolution from a state enterprise to a mixed-capital company with international operations. #centennial #history
Sep 1, 2021 CE
Acquisition of ExxonMobil's Colombian Assets
Ecopetrol acquires ExxonMobil's upstream assets in Colombia, including the La Cira-Infantas field, adding reserves and production. #acquisition #oil
Dec 1, 2022 CE
Felipe Bayón CEO Resigns
CEO Felipe Bayón resigns after leading the company through recovery; Ricardo Roa is appointed as interim CEO. #leadership #change
2022 CE
Record Production of 750,000 bpd
Ecopetrol achieves a new production record of 750,000 barrels of oil equivalent per day, driven by improved recovery and new fields. #production #record
Apr 14, 2023 CE
Ricardo Roa Appointed Permanent CEO
Ricardo Roa is confirmed as permanent CEO of Ecopetrol, tasked with steering the company toward energy transition and sustainability goals. #leadership #ceo
Jul 1, 2023 CE
Ecopetrol Announces Renewable Energy Investments
Ecopetrol plans to invest $2.5 billion in renewable energy projects, including solar and hydrogen, as part of its energy transition strategy. #renewables #energytransition
Dec 1, 2023 CE
Ecopetrol Achieves Net Zero Methane Emissions Target
Ecopetrol announces it has achieved zero routine flaring and net zero methane emissions from its operations, a key environmental milestone. #environment #methane
Jun 1, 2024 CE
Ecopetrol Wins Offshore Block in Namibia
Ecopetrol secures an offshore exploration block in Namibia, expanding its presence into Africa's promising petroleum basin. #exploration #Africa
Oct 1, 2024 CE
Launch of Ecopetrol's Low-Carbon Hydrogen Strategy
Ecopetrol unveils a strategy to produce low-carbon hydrogen, aiming to become a leader in green hydrogen in Latin America. #hydrogen #energy
2025 CE
Ecopetrol Enters Electric Vehicle Charging Market
Ecopetrol launches a pilot network of electric vehicle charging stations in Bogotá, diversifying into mobility services. #EV #mobility