Ecopetrol (NYSE:EC) said that it has been able to set new records for its drilling times and costs in the Rubiales field, dropping times by 22% and costs by 20%. The NOC also highlighted the benefits the campaign has brought to local hires.
Ecopetrol (NYSE:EC) issued a report on its third quarter 2016 contractor work force, showing an average of 21,700 people working on NOC projects through outside firms, with as much as 86% of them coming from the same region as the project. This and other Corporate Social Responsibility (CSR) projects in our routine summary.
Even with its environmental licenses approved and delivered, Hocol is facing stiff resistance from communities in La Macarena, Meta which accuse the firm of downplaying its project and putting water resources at risk.
Government authorities inaugurated Colombia’s first regasification plant, El Cayao, in Cartagena, which is designed to be the backup for Colombia’s natural gas supply.
The tax reform is poised to be the dominant issue in this month as 2016, and the congressional session, winds to a halt. The oil industry has submitted its wish list, but the financial shortfalls of the government’s budget makes any landmark gains look unlikely.
Ecopetrol (NYSE:EC) 3Q16 Line of Business (LoB) results show that Refining is once again profitability challenged while E&P is getting better all the time.
Our count of security incidents near oil and gas infrastructure went up last month, about equally divided between those we ascribe to the guerrilla and those initiated to the Armed Forces.
The USO said that its efforts to prevent the sale of Ecopetrol’s (NYSE:EC) non-essential fields were responsible for the NOC only awarding six of a planned 30 fields in its recent auction.
The president of the National Hydrocarbons Agency (ANH) Orlando Velandia said that fracking is an alternative technology that can be used once a resource has been discovered, but insisted that no fracking projects have been approved in Colombia.
Both the Minister of Mines and Energy Germán Arce and Ecopetrol (NYSE:EC) president Juan Carlos Echeverry were present at the IX installment of the Barrancabermeja Oil Congress, “Beyond Oil”. Both also praised the operation in the city and its refinery, but Echeverry was clear no modernization is planned.
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