News and AnalysIs for

Francisco Reynés was appointed as the Spanish firm’s new executive chairman and will replace Isidro Fainé, who will remain in the company as honorary president.

The Police and the Attorney General’s Office announced that the gang leaders were captured and one of them was an Ecopetrol (NYSE:EC) contractor. The development of these and other stories in our periodic Security summary.

Colombia is not an oil country, but it depends heavily on the extractive sector in many economic aspects. The National Administrative Department of Statistics (DANE) published preliminary Colombian export figures, highlighting the role of the oil and mining sectors.

Parex (TSX: PXT) announced its 2017 year-end reserves report. The company reported positive results in key metrics such 1P reserves, Reserve Life Index (RLI) and Reserves Replacement Index (RRI).

Geopark (NYSE: GPRK) announced its independent oil and gas reserves assessment for 2017, certified by DeGolyer and MacNaughton Corp (D&M). The company reported consolidated and Colombia reserves growth.

Medellín’s Mayor, Federico Gutiérrez, and the Inspector General, Fernando Carrillo,complained about the NOC’s alleged lack of response to the repeated requests for improvingthe quality of its fuels. The development of these and more stories in our periodic Eco summary.

The Ministry of Mines and Energy (MinMinas) announced fuel prices for February. As expected, these increased and the government found the perfect excuse to justify this behavior.

According to experts, complying with international environmental standards represents the greatest challenge for Colombia to continue with its energy sustainability, but achieving this goal is a challenge itself.

The Ministry of Mines and Energy (MinMinas) increased fuel prices for February. As expected, representatives of different sectors reacted against this action, but others defended it. The Commercial Vendors Association (Fenalco), the Colombian Association of Petroleum Engineers (ACIPET) and the Colombian Federation of Cargo and Logistics Transporters (Colfecar) spoke on this subject.

USO showed its dissatisfaction towards UT Ecolog’s position. The transport and logistics company allegedly did not show willingness to talk to them, so the union announced the sabotage of activities at Ecopetrol’s (NYSE: EC) warehouses until the firm changes its mind.