The share price of Pacific Rubiales, Canacol and Petrominerales lead the Colombian Stock Market (BVC) with some of the most undervalued share prices, which local analysts say could present opportunities for investors despite the 11.9% drop in the stock’s index IGBC in 2013.
Ecopetrol’s Coveñas terminal is the first among members of the Regional Association of Petroleum, Gas and Biofuel Companies in Latin America and the Caribbean (Arpel) to receive a cross check audit as part of an integration process.
Separate blockades targeting oil operations have been set up by protestors from rural communities around Paz de Ariporo and near the Monterrey municipality as demonstrators call for greater social investment and allege unfulfilled promises from oil firms in the region.
More than 40 points of the Catatumba pipeline were detonated over the weekend creating an environmental emergency as crude flows into the surrounding area.
Following reports that seismic explorations in the foothills of Casanare were affecting on local water supplies, even drying up rivers, two of the oil companies operating in the region have said they are completely within the law and the tests are low impact.
Colombian paint specialist Pintuco has reached an agreement with Ecopetrol to commercialize the later’s MCO-R paint technology in the domestic market as part of a technology transfer and innovation program run by the state oil firm.
Ecopetrol could have the requirements and details of a modernization project of the Barrancabermeja Refinery ready by the end of the year, which would mean it would award contracts to do the work during 2014.
Over the last week the USO said that it would ramp up legal action against what it says are abuses occurring in the mining, hydroelectrical and oil sectors of Colombia. A public meeting in mid-July in Meta will serve as the lead off.
Protests which started in the city of Tibú, in the Norte de Santander department have turned increasing violent as local mayors are calling on the national government for help. According to reports in the local press, a fundamental cause of the protests is the eradication of coca crops without an alternative crop or subsidies to compensate affected families.
Colombia’s President Juan Manuel Santos on Sunday called on the Farc to keep their word and stick to the agreed agenda in the peace negotiations in Havana, discarding any notion that he would negotiate on the new terms.
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