In the midst of the uncertainty in Ecopetrol due to the decision of the Norwegian Sovereign Fund that on February 26, 2026 sold all of its shares in the state oil company, new details of the motivations of the international organization are known.
In fact, on the morning of this Tuesday, March 3, the document from 26 countries issued since last year by the fund’s Ethics Council was revealed, and in which it made the express recommendation to abandon investments in the company.
You can now follow us on Facebook and in our WhatsApp Channel
The fund determined that the sale is justified by the repetition of oil spills in the Caño Limón-Coveñas and Trasandino pipelines, which have persistently affected indigenous territories in Colombia.
The Ethics Council argued in August 2025 that, although many spills are due to attacks or robberies by armed groups, Ecopetrol’s response has been insufficient to guarantee the collective rights of these communities to a healthy environment, health and cultural survival, in accordance with international regulations and recent judicial rulings.
The Ethics Council’s analysis warned of the existence of “an unacceptable risk that the company is contributing to serious and systematic violations of human rights and indigenous peoples.”
According to the report, revealed by Snail Radiothe constant impacts of spills due to attacks on oil pipelines have generated a recurring situation of vulnerability for the U’wa and Awá peoples.
Although the company maintains that many damages are due to the actions of third parties, the report emphasizes the obligation of “independent corporate responsibility,” which involves the effective prevention and mitigation of damages.
According to the official document, Ecopetrol maintains in its communications to the Ethics Council that it is a victim of the armed conflict; Furthermore, he pointed out that attacks and theft of crude oil by third parties are the main cause of spills.
The company claims to comply with regulations by implementing “contingency plans” and other measures, in addition to coordinating immediate responses with environmental authorities.
In 2014, after an attack, the company buried 99% of the Caño Limón-Coveñas pipeline and, in 2023, it temporarily suspended the operation of the Trasandino pipeline in Awá territory for security reasons.
However, the Ethical Council of the Norwegian Sovereign Fund affirms that the actions taken have not been sufficient given the magnitude and persistence of the risk.
The report emphasizes that “independent corporate responsibility” means anticipating and controlling recurring impacts, and that the persistence of damage evidences a failure to comply with the duty of due diligence, supported by the UN Guiding Principles on Business and Human Rights.
Colombia maintains one of the longest armed conflicts in the world, with acute consequences in indigenous territories rich in natural resources. 37% of oil blocks overlap indigenous lands, increasing the exposure of these communities to forced displacement, violence and environmental degradation.
The U’wa and Awá are among the 71 peoples identified by the Constitutional Court of Colombia as “at risk of extermination.” Both the Ethical Council report and judicial decisions show how armed violence, militarization and social fragmentation are closely related to environmental damage derived from oil activity. In the Awá territory, judicial bodies have recognized their spaces as subjects of rights and direct actors in the legal defense of their environment.
The Ethics Council concludes that repeated spills do not constitute isolated incidents, but rather represent a pattern of structural damage that seriously threatens the integrity and fundamental rights of indigenous peoples linked to oil areas.
As long as the measures that seek to prevent spills from violating the rights of peoples like the U’wa and Awá continue to be insufficient, international trust in Ecopetrol’s corporate management will continue to be questioned and the case will remain as an example of the global demand for ethical responsibility in the extractive industry.
