Ecopetrol de Colombia announces investment of USD 70 million in disruptive technologies such as Blockchain in 2020

 

Colombia’s state oil company, Ecopetrol, will allocate approximately USD 70 million to integrate technologies such as blockchain, artificial intelligence and digital robots. This was made known through a press release.

Ecopetrol announced the new organic investment plan for 2020, which includes the objective of including the use of new technologies in its operating model, highlighting the adoption of blockchain technology, artificial intelligence and digital robots.

Likewise, the Colombian oil company announced an increase in its investment plan for this year of between 3 and 3.4 billion dollars, after having cut it back a couple of times, by projecting a recovery in the economy and international oil prices.

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„From a detailed review of the company’s portfolio, the progress in the interventions made, and the gradual recovery of economic activity, the current perspectives allow us to increase investment to a new estimated level,“ said Ecopetrol in a statement.

Allocating funds for new technologies
Based on this, the entity that works with the exploitation of the lands assigned about 70 million dollars to accelerate its digital transformation, where it will seek to incorporate blockchain technology, artificial intelligence and bots to develop all the associated benefits that these tools possess.

With respect to this investment for this year, Ecopetrol’s president, Felipe Bayón Pardo, spoke about the company’s strategic plan, detailing that the desired profitability is being maintained, while the company continues to develop opportunities in non-conventional resources.

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„The new investment plan we are presenting ensures the sustainability of the business and reflects our strategic pillars of cash protection, cost efficiency, capital discipline and profitable and sustainable growth. We are maintaining a stable level of investment, demonstrating the Company’s resilience, and continuing to develop natural gas and non-conventional resource opportunities, as well as the roadmap to a profitable and orderly energy transition, in line with our commitment to produce ever more clean energy.

Likewise, it was highlighted that the entity’s directors plan to use 80% of the capital in projects located in Colombia. Of this total, 78% will be destined to promote the exploration, extraction and production of oil and gas barrels at the local level.

In addition, by 2020 the company plans to drill 13 exploratory wells, 11 of which would be located in Colombia in the Llanos Orientales, Valle Medio del Magdalena, Valle Inferior del Magdalena and Sinú-San Jacinto basins, and the remaining two in Brazil. Also, seismic activities are planned for US$17 million.

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Bayón also said, „We are maintaining a stable level of investment, which demonstrates the Company’s resilience, and we are continuing to develop natural gas and non-conventional resource opportunities, as well as the roadmap to a profitable and orderly energy transition, in line with our commitment to produce more and more clean energy.

Ecopetrol reported a 95.2% drop in its net income in the first quarter, due to the fall in crude oil prices amidst the increase in supply and the effect on demand from the expansion of COVID-19 worldwide.