Ecopetrol Board Chief Says Ready Fracking Projects Could Guarantee 10 Years of Gas

Why Ecopetrol's Board Chairman Is Pushing Fracking 'Now'

Colombia's state-controlled oil company Ecopetrol is preparing a governance reset while its interim board leadership pushes to restart natural gas development. Luis Felipe Henao, chairman of Ecopetrol's board, said in an interview that three board members have resigned and that a letter was sent to the Ministry of Finance on 4 August asking for the board to be reconstituted. He expects an extraordinary shareholder assembly toward the end of September to complete the process and move toward selecting a new chief executive.

Henao's main strategic demand is to "unblock" fracking. He argues that Ecopetrol already has studied projects along the Magdalena River basin—from Antioquia toward Yondó, through Puerto Wilches and Barrancabermeja in Santander, and up to San Martín in Cesar—for about 15 years. Because the basin is studied, infrastructure exists and the company has a gas pipeline, he says production could be brought online quickly and, with outside investors, could deliver roughly ten years of domestic gas supply.

The board chairman also tied the fracking push to Colombia's immediate energy vulnerability. He warned that the approaching El Niño carries an 81% probability and could draw reservoirs down to around 13% of capacity, while the country relies heavily on hydroelectric generation and is behind on transmission and new plants. He called on the government to run the situation through a crisis room and align the Defense Ministry and local mayors so that diesel supplies reach thermal plants, especially because around 80% of those plants are located in central Colombia.

On corporate results, Henao said Ecopetrol has already accumulated profits this year similar to the full-year 2025 figure of about COP 9 trillion, and that 2026 full-year earnings should substantially exceed last year's result. He also defended keeping the Permian position, called the previous administration's plan to sell it ideological, and described the Brava Energia acquisition as potentially valuable because it adds reserves and exposure to Brazil's more favorable tax and interest-rate environment.

What Henao's Gas Push and Board Overhaul Mean for Colombia's Energy Supply

Henao's Fracking Thesis: Ten Years of Gas, but Not Only an Engineering Question

Henao's argument is deliberately framed around speed. The projects along the Magdalena River basin have, according to him, been studied for 15 years, and Ecopetrol already controls or has access to the gas pipeline. If those claims hold, the main bottleneck is not technical or geological but political and fiscal: the company needs investor partners, and he names Chevron and OXY as firms that left and could return. The ten-year supply figure is a policy argument, not an announced production schedule, because no contract or final investment decision is yet confirmed.

The second part of his case is comparative. He points to Argentina's Vaca Muerta and the United States' Permian basin as proof that fracking can transform gas balances. That supports his claim that Colombia is giving up sovereignty by importing gas while these resources remain undeveloped.

The El Niño Warning Turns a Gas Debate into a System-Risk Problem

Henao's most urgent statements are not about gas prices but about electricity. He describes an 81% probability of a severe El Niño, reservoirs potentially falling to 13%, and a power system that added only 1.5 of every 10 megawatts that were supposed to enter. The operational risk is compounded by the need to move around 34,000 barrels of diesel per day to thermal plants, with 80% of those plants in central Colombia and transport routes vulnerable to blockades.

He also wants the Puerto Bahía regasification terminal being developed by Frontera to enter in January rather than February 2027, and the Pacific terminal to be ready by November, calling both essential to Colombia's energy insurance. This is not merely an environmental dispute over fracking; it is a supply-security argument. Henao estimates the diesel requirement could cost between COP 3.5 trillion and COP 5 trillion, while thermal generators already carry more than COP 2 trillion in debt. The unresolved question of who pays that overcost becomes a fiscal and political negotiation.

Board Reconstitution and the Ministry of Finance's September Timeline

The governance mechanics are concrete: three directors resigned, a request went to the Ministry of Finance on 4 August, and Henao expects an extraordinary assembly toward the end of September. Until that happens, the oil company cannot formally install the leadership that would decide whether to accelerate fracking, sign new exploration contracts or restructure the portfolio.

Henao says Ecopetrol should return to exploration after four years without a single new exploration contract. He also wants the National Hydrocarbons Agency, the ANH, to launch new rounds quickly, but he argues investors will only sign if rules remain stable. His reference to a tax burden shifting from 30% to more than 50% during the previous government is a specific warning that fiscal instability can outweigh geology.

Brava Energia, Permian and Venezuela: The Portfolio Bet Behind the Gas Push

Henao positions the Brava Energia acquisition as both a reserve addition and a way to improve returns through Brazil's more favorable tax and interest-rate environment. He also frames the Permian position as essential to today's improved results and calls the past sale plan ideological and irrational. Venezuela appears as a longer-term option: transmission infrastructure, energy supply and gas studies under current U.S. authorizations could create opportunities for Ecopetrol and EPM, where he also sits on a board.

Those portfolio moves reveal the broader strategy: keep the upstream core, use gas and regasification as reliability tools, and not divert cash into businesses outside Ecopetrol's core. That is a direct statement about capital allocation, not only about fracking.

For Investors and Policy Planners: Ecopetrol's September Deadline and El Niño Checklist

For investors and Colombian energy decision-makers, the interview sets several observable deadlines and checks.

• Watch the extraordinary assembly. Henao expects the shareholder meeting by late September after the 4 August request to the Ministry of Finance. The new board will decide whether Ecopetrol formally accelerates fracking and returns to exploration after four years without new contracts.
• Track ANH exploration rounds and fiscal terms. Henao says new contracts depend less on Ecopetrol than on the hydrocarbons agency and on investor confidence. His specific warning that tax rates moved from 30% to more than 50% under the previous government makes stable terms the key metric for new signatures.
• Plan against the El Niño logistics bottleneck. The stated risk is specific: 34,000 barrels per day of diesel are needed for thermal plants, 80% of which are in central Colombia, at an estimated cost of COP 3.5–5 trillion. Thermal generators already have more than COP 2 trillion in debt, so the unresolved question of who pays the overcost matters before reservoirs near 13%.
• Mark the regasification calendar. Henao wants the Frontera-developed Puerto Bahía terminal online in January rather than February 2027 and the Pacific terminal by November. Delays on either raise Colombia's exposure to El Niño and gas import stress.
• Track Ecopetrol's 2026 earnings and portfolio moves. The company has already accumulated profits similar to all of 2025—around COP 9 trillion—and expects to exceed last year. Permian retention, the Brava Energia acquisition and any Venezuela studies will signal whether returns are being diversified or concentrated in Colombia.
• For suppliers and investors considering fracking partnerships, evaluate the Magdalena basin projects named by Henao. He says they have 15 years of study and existing pipeline access and claims they could deliver 10 years of gas, but no final investment decision or partner agreement has been announced.
• Treat the royalty projection as a projection. Henao cites around COP 39 trillion in additional royalties if these projects are unblocked, but that figure is not an approved budget or contract.