Frontera Energy Corporation (TSX: FEC) announced its estimated 2018 production with positive results according to its 2018 production guidance. Colombia production in the fourth quarter of 2018 increased. The firm announced its drilling plans for the first quarter of 2019 and the Quifa block plays a key role in this process.
Felipe Bayón, CEO of Ecopetrol (NYSE: EC), spoke about NOC’s investment plans for 2019. The firm will focus on exploration and production activities in the country, and ECP is optimistic about its results for this year.
Authorities in oil producing municipalities were surprised to see that the new royalties’ budget excluded a big part of the resources that president Duque had announced for some regions. These and other stories in our periodic Royalties summary.
Vasconia is the archetypical Colombian crude but its price is not widely published. Instead the popular press and even company financial reports talk about Brent (mostly) and sometimes WTI. The relationship between Brent and Vasconia is not fixed over time.
The General System of Royalties (SGR) has been one of the main discussion topics between the government, communities and oil sector. The last reform to the SGR generated significant conflict with the inhabitants of producing regions. Ivan Duque, President of Colombia, spoke on this issue.