We needed to build a simple gas forecast for a few fields for a consulting project so we decided to build a model of the Colombian market. The results were interesting even with these simple assumptions.
Through the Oil Development Program (OFD), the Norwegian Agency for Development and Cooperation (NORAD) aims to provide assistance to developing countries that want to manage oil resources in a sustainable way. Colombia is currently benefiting from the project.
Ecopetrol (NYSE: EC) reported the number of jobs created through contractors in 4Q16. Oil activity and recruitment of personnel are recovering.
This week has been one of the most difficult regarding peace issues. Negotiations with the ELN could be jeopardized after being accused of terrorist attacks in Bogotá , and the implementation of the peace agreements with FARC does not seem to improve.
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.
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