Ecopetrol eyeing green hydrogen exports to Europe

Colombian state oil company Ecopetrol is on track to begin commercial-scale green hydrogen production within two years, executives said on Wednesday. 

An initial production facility will be located at the Cartagena refinery on Colombia's Caribbean coast, where Ecopetrol currently has a green hydrogen pilot. 

"We are developing a project in Cartagena and we hope that it enters into operation in 2026," David Riaño, Ecopetrol's head of clean energy, told investors during a quarterly earnings call. 

The Bogotá-based firm is also considering whether to move forward with another project at its refinery in Barrancabermeja, he added. 

Early last year, Ecopetrol's then-CEO Felipe Bayón said the company aimed to produce 9,000t/y of green hydrogen from two plants, each with electrolysis capacity of 60MW. 

Riaño said the levelized cost of green hydrogen in Colombia could fall to around US$4/kg by 2030, paving the way for exports to Europe. 

"We believe that renewable energy generation in Colombia will be highly competitive and for that reason we can be an important player in the green hydrogen market," he said.

Ecopetrol CEO Ricardo Roa said on the same call that the company's hydrogen plans were supported by wind and solar projects in northern La Guajira department. 

But industry observers have pointed out that the company faces additional – and potentially crippling – hurdles in its quest to lead Colombia's clean energy transition. 

Ecopetrol is currently precluded from generating electricity for commercial use because of its controlling stake in power transmission company Isa.

The government is seeking congressional support to overturn the existing law, which is designed to prevent companies from holding dominant positions throughout the electric power value chain.

Colombia's green hydrogen roadmap, published by the mines and energy ministry in 2021, set a goal of 1-3GW of electrolysis capacity by 2030, with investments of between US$2.5bn and US$5.5bn.

According to hydrogen association Hidrógeno Colombia, the figures are likely to be at the lower end of the target range. 

"This is because most of these projects are due to start from 2035 onwards, especially large-scale developments," Hidrógeno Colombia executive director Mónica Gasca told BNamericas in March.