Colombia’s Ecopetrol says oil theft from pipelines rose 46% last year

Theft of crude oil from pipelines operated by Colombia’s state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said. On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd in 2019. The theft represents a fraction of Ecopetrol’s production, which stood at 725,000 bpd in 2019. The stolen oil was worth just under $50 million.

Source: Nasdaq