As some European oil majors place their bets on renewables and natural gas as the prevailing fossil fuel for the energy transition, players in Latin America—with its bountiful resources—could seize an opportunity with portfolio readjustment.
Colombia’s Ecopetrol SA is among the companies making moves.
“We want to make gas more important in our portfolio, moving it from 20% of our current upstream portfolio to 35% by the end of 2030,” Juan Manuel Rojas, corporate vice president of strategy and business development for Ecopetrol, said during the recently held CERAWeek by IHS Markit.
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