Ecopetrol Taps Presidential Ally as CEO Amid Output Pressure

Colombia's state-controlled oil company Ecopetrol has tapped businessman Joaquin Gutierrez as its new chief executive. This move comes at a critical time for the company, which is under pressure to raise output and replenish reserves.

Gutierrez, who was previously a campaign manager for President Abelardo De La Espriella, has no known background in the energy sector. He replaces Ricardo Roa, who resigned amid investigations into campaign finance irregularities in the 2022 election and a separate influence-peddling probe linked to a gas contract.

Ecopetrol faces significant challenges, including a decline in output to an average of 715,000 barrels of oil equivalent per day in the first half of this year. The company is also under pressure to shore up its finances and push ahead with its energy transition plans as Colombia seeks to revive investment and restore business confidence.