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In a press release, Canacol updated its exploration activities in Colombia and plans for the rest of the calendar year.  The company is one of only four listed on the Colombian stock exchange. It has yet to publish its calendar 2Q12 results but since this is the company’s fiscal 4Q12 period, it has until the end of this month legally to do so. The company has been subject to sale rumors over the past few months. Last week the company published its fiscal 2012 update to reserves announcing that these had nearly doubled although most of this was due to the acquisition of properties in Ecuador. Organic growth due to Colombian properties was a still healthy 38%. Some key items:

The Colombian Petroleum Workers Union (USO) has called for an industry-wide strike or day of protest in the oil-important department of Meta on October 3, 2012. The union is in a bitter battle with CEPCOLSA and its subcontractor Termtecnica Coindustrial but has been trying to widen the dispute to include Pacific Rubiales. A few weeks ago, it told reporters from RCN Radio that riots in the city of Puerto Gaitan were directed at the company, something that spokesperson Ferderico Restrepo had to deny publicly. The union says the march, strike or day of protest has the goal of raising awareness on the following:

We have started tracking security events that could be important for the Oil Gas and Mining industry. See our dedicated page here for a complete listing.

Respected alternative Internet-based news site La Silla Vacia reports that the mayors of Villavicencio (Meta) and Alan Jara, the governor of the department of Meta, are considering civil disobedience to get the government’s attention on the problem of tanker trucks in the route Bogotá-Villavicencio. (The article is the fourth down the page.)

This route is essentially the only way to get from the country’s center to the economically important state of Meta and so all commerce travels by truck by this highway. Although portions are four-lane and much work has been done to improve transit times, the improvements come through tunnels and viaducts that are often two-lane.

The Colombian Auditor General issued a warning about risks associated with Ecopetrol’s sometimes complex interational structures. Like any large firm, Ecopetrol uses a variety of offshore vehicles to structure its operations.

Canacol reported that the company’s proven reserves (1P) increased by 98% over fiscal year-end (June) 2011. As the chart shows, this was primarily due to the acquisition of contracts in Ecuador (3.2MMbbl) although Colombian reserves still grew a substantial 38% year-over-year.

September 19, 2012 3pm Eastern, 1pm Calgary, 2pm Bogota
We don’t normally write about global oil prices except on the weekends when the roller-coaster ride is over for 48 hours and there is time to sit back and reflect.

In a Global Energy Development PLC press release, the company announced its plans for both conventional and non-conventional operations in Colombia, through its subsidiary Colombia Energy Development.

Colombia’s two largest oil and gas companies scored well in the Dow Jones Sustainability Index-World as compiled by the Swiss firmSustainable Asset Management (SAM). In a press release, Ecopetrol announced that

Extracted from an Environment Ministry press release. Translated and with commentary by Hydrocarbons Colombia.