Joint operations

12 Months Ended

Dec. 31, 2025

32.Joint operations

The Ecopetrol Group carries out exploration and production operations through Exploration and Production (E&P) Contracts, Technical Evaluation (TEA) Contracts and Agreements signed with the ANH, as well as through Partnership Contracts and other types of contracts.

Ecopetrol Group is into association contracts introduced by Decree 2310 of 1974, as amended, between private companies and Ecopetrol between 1975 and 2003. Through an association contract, Ecopetrol partners with a petroleum company or a consortium to explore and, upon successful discovery, exploit the found oil and gas resources. An operator is defined among them or hired as a third party.

On the other hand, Ecopetrol Group also entered in incremental production contracts to obtain additional hydrocarbon production beyond a base production curve that is established based on the proven reserves of a specific field or well, originating from contracts entered into by Ecopetrol with third parties or from projects undertaken by Ecopetrol. This incremental production results from new investments to increase the recovery factor of reservoirs or to add new reserves.

The main joint operations in 2025 are as follows:

32.1Contracts in which the Ecopetrol Group is not the operator


						%		Geographic area of
Partners		Contract		Type		Participation		operations
		Chipirón				30%+Production Factor (1)
SierraCol Energy Arauca, LLC		Cosecha		Production		30%		Colombia
		Cravo Norte				55%+High Prices of Oil
		Rondón				65%
Frontera Energy Colombia Corp		Quifa		Production		40%+PAP		Colombia
Hocol S.A.		Guajira		Production		57%		Colombia
Union Temporal Ismocol Joshi Parko		CPI Palagua		Production		100% According amendment number 5		Colombia (Puerto Boyacá – Santander)
		LLA-122
Parex Resources Colombia LTD		LLA-121		Exploration		50%		Colombia (Piedemonte Central)
		LLA-4-1
		E&P COL 1
Anadarko Colombia Company (OXY)		E&P COL 2		Exploration		40%		Offshore North Caribe
		E&P COL 6
		E&P COL 7
Petrobras		E&E GUA OFF-0		Exploration		55.56%		Offshore North Caribe
		Mana
Interoil Colombia		Rio Opia		Production		30%		Colombia
		Ambrosia
		Llanos 86
		Llanos 87
Geopark Colombia SAS		Llanos 104		Exploration		50%		Colombia
		Llanos 123
		Llanos 124
		SSJN1		Production
		Perdices
Lewis Energy Colombia		VIM-42		Exploration		50%		Colombia
		SSJN3-1
Perenco Oil & Gas		El Guando		Production		75%		Colombia
		El Niño				40%
Quarter North Energy		Gunflint		Production		32%		Gulf of Mexico
Murphy Exploration and Production Company – USA		Dalmatian		Production		30%		Gulf of Mexico
OXY (Anadarko) - K2		K2		Production		21%		Gulf of Mexico
HESS		ESOX		Production		21%		Gulf of Mexico
		S-M-1707
		S-M-1715
		S-M-1717
		S-M-1719
		S-M-1709
		S-M-1908
Shell		S-M-1601		Exploration		30%		Brazil
		S-M-1713
		S-M-1817
		S-M-1599
		S-M-1910
		Sul de Gato do Mato
		BM-S-54
BP Energy		Pau Brasil		Exploration		20%		Brazil
Occidental Midland Basin, LLC (Oxy)		Rodeo Midland Basin		Production		49%		Midland, Texas, USA
		Delaware Basin						Delaware, TX/NM, USA
PC Carigali Mexico Operation S.A.		Bloque 6		Exploration		50%		Gulf of Mexico

(1)	The R Factor is a contractual mechanism defined as the ratio between accumulated net revenues and accumulated costs/investments of a field.

32.2Contracts in which the Ecopetrol Group is the operator


						%		Geographic area of
Partners		Contract		Type		Participation		operations
		VMM29
ExxonMobil Exploration Colombia		CR2		Exploration		50%		Colombia
		C62
CPVEN E&P Corp Sucursal Colombia		VMM32		Exploration		51%		Colombia
Repsol Exploration Colombia S.A.		Catleya		Exploration		50%		Colombia
Emerald Energy PLC Suc. Colombia		Cardon		Exploration		50%		Colombia
		ORC401 CRC-2004-01		Exploration		50%
		OJANOM
Parex Resourses Colombia Ltd.		OJAOCN		Production		100%		Colombia
		OJAORM
		OJASUM
SierraCol Energy Arauca		La Cira Infantas		Production		52%+PAP		Colombia
		Teca				100% Basic y 60% incremental
Emerald Energy		Oleoducto Alto Magdalena		Production		45%		Colombia
Colombia Energy Development CO		Rio Paez		Production		68%		Colombia
Ecopetrol		Asociación Guajira		Production		43%		Colombia
Perenco Oil and Gas		Asociación Boqueron		Production		40%		Colombia
Ecopetrol		San Jacinto		Production		50%		Colombia
Ecopetrol		San Jacinto (Mandato)		Production		0%		Colombia

Ecopetrol Group acquires investment commitments upon receipt of the exploration and/or exploitation rights of a particular area determined by competent authority. As of December 31, 2025, investment commitments with the ANH reach USD $452 million (2024 - USD $469 million).

Ecopetrol Permian LLC has commitments related to business plan in the Midland Basin in accordance with the agreement governing the operations of Rodeo Midland Basin LLC, which may be amended annually by the members of the agreement, as well as commitments arising from the development plan of the Delaware Basin through annual plan authorizations and authorizations for expenditure (AFEs). Ecopetrol America LLC has commitments arising from joint operations in the Gulf of Mexico through project-related authorizations for expenditure (AFEs).