News and AnalysIs for

At the very end of the fourth last business day of February, MinMinas finally announced oil and gas production for January. For oil, it was good news; for gas, not so much.

The gas industry in Colombia is having an intense debate between members of the hydrocarbons sector and the National Government. Some companies in the sector do not agree with these plants while the government wants to promote them.

Ecopetrol (NYSE: EC) reported that Barrancabermeja’s refinery celebrated its 95th anniversary with positive financial results, operating and petrochemical production records, and innovations in its processes, which keeps it at the forefront of industrial development in the Middle Magdalena region.

During a meeting, the National Hydrocarbons Agency (ANH), the Colombian Armed Forces and operating companies of the industry, presented the results of a strategic alliance between the industry and the military.

Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2016, declaring yet another a decrease this time compared to 2015. The Reserves Life Index (RLI), as expected, also fell. Ryder Scott Company and DeGolyer & MacNaughton audited the majority of reserves (99%).

Although the government has been promoting the diversification of Colombia’s economy since last year, the new president of the Colombian Chamber of Petroleum Goods and Services (Campetrol), Germán Espinosa, said the country should not stop investing in the industry because it has considerably boosted its economy.

The National Administrative Department of Statistics (DANE) released data on industrial production growth in 2016 compared to 2015. The fuel and refining sector reported the largest increase.

The International Gas Transport Company (TGI) celebrated its 25th anniversary and announced through a press statement that its plan for 2017 includes investments in infrastructure.

We normally look at “Top 10 Oil producers” and “Top 10 gas producers” separately so this time we thought we would combine the list.

Colombia is not an oil-country but has the potential to be self-sustaining in the medium and long term, according to a study of the Geo Sciences Department of the National University. Carlos Alberto Vargas Jiménez led this research.