Ecopetrol appoints Joaquín Gutiérrez as new president

Joaquín Gutiérrez Caballero has been appointed as the new president of Ecopetrol, Colombia’s largest state-owned oil company. His administration, set to officially begin on September 28, will prioritize increasing oil and gas reserves, strengthening exploration, and ensuring national energy supply. Gutiérrez noted that current reserves stand at approximately 7.4 years for oil and 5.9 years for gas, necessitating accelerated exploration in both traditional and unconventional areas, including offshore projects and potential fracking.

The appointment has drawn scrutiny regarding political influence. Reports indicate that President Abelardo De la Espriella facilitated the placement of close allies into key leadership roles within the company. This includes Carlos Suárez, a campaign strategist with no prior industry experience, who has been named president of the company’s Board of Directors. The leadership changes follow a pattern of appointing political associates to major state-controlled entities, raising questions about meritocracy and corporate governance within the energy sector.