GeoPark (NYSE: GPRK), Parex (TSX:PXT) and Equion celebrated positive results regarding social development projects in their areas of influence, but strikes in the Casabe field against Ecopetrol (NYSE:EC), and in the Maní municipality against Tuscany Drilling (TSE:TID) for alleged lack of local labor hiring overshadowed the good news. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
Ecopetrol (NYSE:EC) and Pemex recently signed a document to study joint ventures in E&P, and now executives of both NOCs signed an agreement that allows the joint development of mature fields, enhanced recovery technologies and offshore exploration.
The oil industry has had to face a complicated situation in recent years. The oil price drop affected all companies in the sector. Opinions are mixed about performance this year.
The Government formally requested Colombia’s early validation to the Extractive Industry Transparency Initiative (EITI), and will sponsor the Dominican Republic’s entry
The Constitutional Court said that the Colombia Energy Consortium had a negative impact on the ecosystem surrounding an indigenous Nasa community, and Puerto Lopez inhabitants complained against Bioenergy’s ‘waste dump’ in the Caño Barbasco water source. However, the main objections of the Putumayo community regarding the Platanillo project were met, and the first meeting to define United Nations areas of support towards Colombia’s ‘green agenda’ took place last week.
The most difficult years seem to be over. The industry is preparing to reactive investments And Ecopetrol (NYSE: EC) is not the exception. The company has defined a strategy to increase its reserves.
The commitment to increase reserves is giving its first results. Ecopetrol (NYSE:EC) recent announcement of exploration´s results in the Colombian Caribbean boosted perspectives for this year.
According to Cormagdalena, Ecopetrol (NYSE:EC) and Invías will help finance the maintenance and dredging work in the Magdalena River, if the contract with Navelena expires.
USO expressed their concern regarding Barrancabermeja Refinery’s infrastructure conditions and said a modernization must be done. They said that despite the partial success in negotiations with Ecopetrol (NYSE:EC), dialogues with Adrialpetrol failed because the company was “not ready to commit to an agreement.”
This past week Ecopetrol published its results and both the popular press – and Hydrocarbons Colombia – was focused on this event. But is this media attention justified?
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