A few weeks ago, we questioned the feasibility of MinMinas’ 2017 crude production target of 875mbd. No one jumped on us – or, frankly, congratulated us for our insightful analysis.
This past weekend, a friend of mine who is not in the industry asked me what exactly our newsletter talks about. So I gave the elevator pitch and that got me thinking about why we choose these topics.
Colombia is optimistic about increasing its production offshore. Ecopetrol (NYSE: EC) announced that it will start drilling an offshore well in the second quarter of this year. The NOC becomes the first Colombian oil-company to carry out an offshore hydrocarbon project on its own.
A report in La República shows the price per cubic meter (m³) that Colombians pay in each department. Servicio Públicos y Gas S.A., a small company located in Tolima, surpasses over three times some other companies in the same department.
Inhabitants of five villages in Guamal held a peaceful strike to protest against the construction of the Trogon platform, to be developed by Ecopetrol (NYSE:EC) and Repsol (MSE:REP).
After the ELN liberated former congressman Odin Sanchez, along with several soldiers, and the government released two guerrilla members, peace dialogues started in Quito, Ecuador
Juan Carlos Echeverry, CEO of Ecopetrol, released some results of the “transformation plan” to address low oil prices. This program started two years ago and its results are very positive in a very short time.
Colombia is not an oil country but depends on it economically. The nation’s exports have fallen for four consecutive years because of the oil crisis. In recent months, this item reported growth, again thanks to oil.
Initiatives to grant more royalties to oil-producing regions have been successful; projects will benefit the departments of Meta, Casanare, Nariño and Tolima, but irregularities regarding royalties’ management in Meta and Boyacá remain a cause for concern among authorities. These and other stories in our periodic summary.
Parex Resources Inc. (TSX: PXT) announced its annual reserves assessment as at December 31, 2016. The company reported a significant increase in its reserves for the seventh consecutive year. This keeps the growth trend of reserves of Colombia producers which have reported. GLJ prepared the reserves report.
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