Colombia’s state-controlled oil company Ecopetrol is considering raising up to $2bn (8.2trn pesos) in debt this year for strategic investments, reported Reuters.

The company is considering options including bank loans and capital market instruments. This move is aimed at supporting inorganic investments such as the acquisition of new assets or projects.

In a call with investors, Ecopetrol’s corporate vice-president of finance Camilo Barco said that the board had approved $1bn in structural debt and another $1bn as a temporary measure.

Barco expressed confidence that the investment plan would gain momentum in the second part of this year, noting that "certain financing activities" would be required to implement the inorganic investment strategy.

Ecopetrol CEO Ricardo Roa also stated that Enel’s 205MW Windpeshi wind project in the La Guajira department was a potential acquisition target. The company is currently working with Enel on this potential deal.

Ecopetrol, which is 88.5% owned by the Colombian Government, has allocated investment of between $5.9bn and $6.8bn for the year, primarily funded by its cash reserves, which stood at $4.4bn at the end of 2024.

The company anticipates a production range of 740,000–750,000 barrels of oil equivalent per day (boepd) in 2025.

This forecast includes production contributions from the recent acquisition of a 45% stake in the CPO-09 field from Repsol, while also accounting for the field's environmental risks, according to Ecopetrol vice-president of hydrocarbons Rafael Guzman.

Last year, the company achieved average production of 745,800boepd, the highest level in nine years.

Ecopetrol recently reported an almost 22% drop in annual net profit for 2024, impacted by a stronger US dollar and lower international oil prices.