Ecopetrol (NYSE:EC) 3Q16 results let us see into the impact that Reficar is having on the NOC’s business. The graph also sheds light on our assumed relationship between increased refining activity and ECP’s exports.
The director of the Energy Mining Planning Unit (UPME) Jorge Valencia Marín said the entity has identified 12 projects, including a Pacific re-gasification plan, which will be needed to guarantee the supply of natural gas past 2021.
The former president of the Colombian Chamber of Oil Goods and Services (Campetrol) Ruben Darío Lizarralde was optimistic on the potential to develop the Colombian Caribbean waters for offshore oil production, as part of a move to ensure the country’s energy security.
Casanare had been on the media’s radar due to the way their royalties are being handled. It seems like delays, cost overruns and lack of efficiency spread throughout Colombia’s royalty distribution system. Córdoba and Boyacá on the other hand, will benefit from the ‘incentive to production’ projects, financed by MinMinas. These and other stories in our periodic summary.
Juan Carlos Echeverry, Ecopetrol’s (NYSE:EC) current president apologized for the Reficar and Bioenergy cases.
A spill registered at the Rubiales field forced Ecopetrol (NYSE:EC) to activate its contingency plan and caught the attention of national environmental authorities.
Just days following a statement warning that Ecopetrol (NYSE:EC) was dragging its feet and had gone back on the few items of agreement with the USO, the union said that new advances were made and it is satisfied with the review of its collective bargaining agreement with the NOC so far.
I should have written this in January where the analogy is somewhat more timely but diversifying the Colombian economy is like resolving to exercise more. Everyone agrees it is a good idea but it never seems to happen.
The ANH finally updated the field-level production results for 3Q16 which allowed us to update our database and produce these two charts. Some surprises perhaps, and some changes in ‘league positions’.
The OPEC announcement in Vienna a few weeks ago pushed oil prices up, pushed stock markets up in oil exporting countries and got everyone thinking that the worst was finally over.
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