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Frank Pearl, executive president of oil and gas association ACP, is asking for stability guarantees of up to 30 years for large, long-horizon projects, and says some fracking contracts are ready to start without pilots.

Parex Resources reported third-quarter production of 83,264 boe/d, up 89% from 43,953 boed a year earlier and 54% from the second quarter, with the Frontera E&P acquisition, which closed June 1st, in the numbers for the full quarter.

Colombia’s environmental licensing authority, ANLA, will publish terms of reference for fracking, its director Sergio Piñeros said at the IX Oil, Gas and Energy Summit in Cartagena.

GeoPark CEO Felipe Bayón says Colombia can move directly to commercial development of unconventional resources without first running pilot projects, using the experience of the United States and Argentina.

Fracking could sustain oil and gas production in Colombia for about 100 years, according to Nelson Castañeda, president of the oil and gas chamber Campetrol, but only if the government provides legal and tax stability.

GeoPark reported third-quarter net profit of US$6.6 million, down from US$14.0 million in the second quarter and US$15.9 million a year earlier, as lower realized prices and hedging losses cut Adjusted EBITDA to US$45.8 million. Net profit included a US$12.4 million income tax benefit, mainly deferred tax in Argentina.