Ecopetrol SA history, profile and history video
Ecopetrol SA, formerly known as Empresa Colombiana de Petróleos S.A., is a petroleum company headquartered in Bogotá, Colombia. It was born from the assets reverted from the “Mares Concession”, awarded by President Rafael Reyes to the Tropical Oil Company, which began its oil activities in 1921.
The reversion of “The Mares Concession” (“Concesión De Mares”) to the Colombian State on 25 August 1951 gave way to the Empresa Colombiana de Petróleos, which had been created in 1948 by means of Law 165 of that year.
In 2003, the Empresa Colombiana de Petróleos was restructured by the Colombian government into the new Ecopetrol S.A, a public stock-holding corporation, and it was also released from State functions as the administrator of the oil source.
The company operates through the following segments: Exploration, Production, Transport, Refining & Petrochemicals, Sales & Marketing, and Innovation, Science & Technology.
Exploration
The Exploration segment explores, discovers and appraises commercially viable hydrocarbon accumulations.
Production
The Production segment is responsible for the production of a thousand barrels of oil equivalent per day.
Transport
The Transport business is carried out through pipelines, multi-purpose pipelines (polyducts) and multimodal transport systems (river fleet and tanker trucks), which carry crudes from production fields to the refineries or export ports.
Refining & Petrochemicals
The Refining & Petrochemicals segment involves the Barrancabermeja and Cartagena refineries, where the crude oil originating from the fields is transformed into value-added products.
Sales and Marketing
The Sales and Marketing segment consists of the selling of crude; products; clean, safe and sustainable petrochemical products, gas and energy.
Innovation, Science and Technology
The Innovation, Science and Technology segment adds value to the business chain through the management of innovation, technology, knowledge and the development of competitive advantages.
With more than 15 000 employees, Ecopetrol S.A. is considered one of the largest petroleum companies in Colombia, as well as one of the 25 largest petroleum companies in the world. According to Forbes, it is considered one of the top 2000 largest public companies in the world.
*Information from Forbes.com, Wikipedia.org, and ”www.ecopetrol.com.co”.
**Video published on YouTube by “Ecopetrol Oficial“.