News and AnalysIs for

Sources at the Ministry of Energy (MinEnergia) spoke about a possible strained relationship between Minister Irene Vélez and her vice ministers.

Canacol Energy Ltd. (TSX: CNE) announced its capital and gas sales guidance for 2023.

Ecopetrol (NYSE: EC) reported a record refinery load during December 2022.

The Colombian government announced its expectations for Ecopetrol’s (NYSE: EC) contribution to the public finances in 2023, as well as expectations linked to oil production on the coming years.

The Minister of Finance (MinHacienda), Jose Antonio Ocampo, talked about the time it will take for the energy transition process to take place, and discussed oil exports and Colombia’s oil and gas reserves.

NG Energy International Corp. (TSXV: GASX) provided a 2022 ‘Year in Review’ and its operational road map for 2023.

Parex Resources Inc. (TSX: PXT) announced that the Toronto Stock Exchange (TSX) approved the company commencing a normal course issuer bid (Bid).

“Reyes” have passed, marking the end of the holiday period in Colombia. Nothing left to do but start 2023 and, for Hydrocarbons Colombia, to make some bold assertions, almost certain to be wrong (if past performance is a guide). As always, I hope I err on the side of conservatism.

We always face a dilemma when big political news comes out that we think our readers need to know: get it on the website quickly because it is important or wait a few days to see if it ‘blows over’. Holiday weekends complicate things as do periods when we are not publishing. With hindsight, we should have ignored the president’s press release about a ceasefire with the ELN.

Being December, this month normally has diminished expectations for progress on any issue. Traditionally, the political and judicial branches shut down around the 15^th and nothing much happens until after “Reyes” the holiday corresponding to the Epiphany in Anglo-Saxon countries and which Colombia celebrates on the Monday closest to January 6^th. On December 12^th, the government and the ELN released a brief press release with limited, mostly procedural, agreements and shut down for the holidays. Then things really started to happen.