Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call.


Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However, production has now “normalized,” CEO Felipe Bayon said during the earnings call.

The national oil company produced 683,000 boe/d in the third quarter, nearly flat year/year when output was 681,000 boe/d, but up from 661,000 boe/d in the second quarter. Bayon said production should reach about 700,000 boe/d in the fourth quarter.

Oil prices were $68/bbl in the third quarter compared with $38.4/bbl in 3Q2020, Bayon said, propelling...