LatinNews Regional Monitor: Andean Group - 27 November 2019

* Colombia’s state-owned oil company Ecopetrol has announced an investment plan for 2020 of between US$4.5bn and US$5.5bn. This amount represents an increase in a range of between 25% and 53% compared with 2019. Most of the investment is focused on sustainable growth, with 80% destined for exploration and production, 11% for refining and 7% for transport. A total of US$126m will go towards digital transformation and innovation, specifically the improvement of productivity and efficiency, and also towards the use of artificial intelligence, blockchain technology and ‘bots’. A further US$150m will go on energy transition in order to achieve Ecopetrol’s goal of reducing 1.8m tonnes of CO2 by 2022. Finally, US$1.7bn represents socio-environmental investment aimed at improving social conditions and driving sustainable development and community wellbeing. 

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