Regional leaders are looking to Ecopetrol (NYSE:EC) to counter cuts in spending on local goods and services and Corporate Social Responsibility (CSR) programs, both of which have been hard hit by the fall in oil prices. These and other CSR-related stories in our periodic summary.
The controversy surrounding the soaring costs to modernize the Cartagena Refinery (Reficar) has hit new heights (or are they lows?), with control bodies promising to investigate former management, presidents accusing presidents and much more.
Parex Resources (TSX:PXT) reported its 2P reserve assessment for 2015, and said that it grew its proved plus probable reserves by 19% year-over-year, to log net 2P reserves of 81.7Mmboe as of December 31, 2015.
Pacific E&P’s management said in a recent interview that it is in strategic talks to find a long term solution to its debt payments, and that its robust operational portfolio could facilitate this discussion, but did not give more specifics.
The USO says that direct negotiation with services-firm Halliburton (NYSE:HAL) has not produced an agreement, and called on its members and all other workers to vote for a strike.
The Constitutional Court has ordered the immediate suspension of oil activities in the Orito Municipality in Putumayo, and ruled that there was no prior consultation with indigenous communities in the region.
I saw a headline last week that referred to the ‘robbery’ of Reficar. In English, this phrase would imply that an individual or individuals had benefitted illegally from the project.
With the Coveñas / Caño Limón pipeline back in full service and so Arauca producing normally, we had expected 4Q15 crude oil production to be higher than 1mmbd.
Guerrilla-initiated events have risen for four successive weeks (on a Moving Average basis) but remain near historic lows. However, what inspired us to publish was a qualitative difference in last week’s ELN activities.
Gas Natural Fenosa country manager for Colombia, Alberto González, said that the supply of natural gas is solid and that the firm will look to growth by introducing more gas-powered appliances in homes, and invest in infrastructure.
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