Ecopetrol weighs oil business and investment in Venezuela

Ecopetrol has begun assessing business and investment opportunities in Venezuela's hydrocarbons sector, as part of its participation in the International Oil and Gas Congress being held in Caracas, according to Finanzas Digital.

The delegation of the Colombian state-owned oil company, led by its president, Joaquín Gutiérrez, is seeking to identify strategic partnerships and forums for technical exchange to boost the competitiveness of its exploration and production business. The company said the reserves of its neighbor position it as a key player in the regional energy market.

As part of its preparations, the company has applied due diligence processes and risk management models, in addition to establishing protocols to ensure that its operations strictly comply with international law and with the general licenses issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.

The initiative adds to binational infrastructure projects under discussion, such as the possible reactivation of the Antonio Ricaurte gas pipeline, a rehabilitation project that, according to El Nacional, requires an estimated investment of $66 million and the necessary OFAC authorization to mitigate gas shortages in the Colombian market.

Imagen: ECOPETROL S.A. · Dominio público · Wikimedia Commons