Colombia’s environmental licensing authority, ANLA, has removed three follow-up requirements for Komodo-1, an offshore oil and gas exploration project on block COL-1 in the Caribbean Sea, run by Occidental with Ecopetrol as partner.
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.
Colombians’ confidence in the Presidency rose in this year’s Barómetro Petrolero, but their view of the oil industry fell to the lowest in the survey’s history, while the share of executives planning to expand in Colombia jumped to its highest since 2019.
Colombia’s employer groups want the 2027 minimum wage raised by no more than about 9%, while union confederations are asking for much more than 10%, as the talks that decide the figure draw closer.
Indumil president Lucas Ariza said the state-owned arms and explosives company is not looking to buy Venezuelan fertilizer maker Monómeros.
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