Last year was one of the hardest for the hydrocarbon industry. Production fell, investments declined to historically low levels and projects stopped, among many other problems. But, this year begins with good prospects and the sector hopes to recover some lost ground.
The Norwegian Embassy in Colombia in cooperation with the International Center for Hydropower (ICH) organized “Talks on peacebuilding in the energy sector: roads and challenges of the post conflict” in Bogotá. HCC was present at the event; we have a brief summary of the meeting.
Illegal fuel confiscations have been reported in Chocó and Norte de Santander more than in any other departments of the country, and violent protests in Ecopetrol’s (NYSE:EC) Casabe field let to losses in production. The development of these and more stories in our periodic Security Summary.
Ecopetrol (NYSE:EC) was ranked 454 among the 500 most valuable brands in the world in 2017. This is three positions above last year’s rank, where the NOC was number 457 in international Brand Finance’s classification.
Colombian authorities are betting on offshore projects to cover at least part of the natural gas supply gap in next decade. Several companies have shown interest in this kind of project in Colombian waters.
The Colombian Association of Oil Engineers, Acipet celebrated Journalists’ Day and HCC attended the event. Topics such as the current labor situation for oil engineers, the industry’s projections for 2017 and fracking were discussed.
Friction between USO’s directives and Ecopetrol (NYSE:EC) continues to dominate the Union’s press statements. USO’s president said Ecopetrol keeps on harassing its members, and disagreements between Independence Drilling, the NOC and workers in Putumayo can escalate into a social conflict if a solution regarding better working conditions is not reached by the end of the week.
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.
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