The challenge for Ecopetrol (NYSE:EC) over the last year and a half under Juan Carlos Echeverry has been to guarantee its cash flow, cut costs and maintain disciplined in its spending, but now the firm can turn the page and start to focus on production.
Pending changes which will be announced by the Energy and Gas Regulation Commission (CREG) between October and November could mean lower biofuels rates, which has producers concerned.
Concerned by stagnant execution and technical deficiencies in royalty funded projects in Huila, the director of the National Planning Department Simón Gaviria Muñoz said the entity would assist local leaders to correct the situation, but also left a warning. This and other royalty related stories in our periodic summary.
Two fields in Meta previously closed by Ecopetrol (NYSE:EC) due to the fall in oil prices will now be brought back online at some point in the next month and a half.
The Barranquilla Chamber of Commerce sees bright opportunities for the region with an increase in the number of companies interested in locating in the region, and from a wide variety of disciplines. But offshore activity could prove to be key source of growth for the region and attracting new firms is an important part of its strategy.
Authorities have high hopes for oil companies that have weathered attacks and conflict, which they say now will be able to operate with less security concerns and in areas previously dominated by the armed conflict.
The Ministry of Mines and Energy (ANH) and the National Hydrocarbons Agency (ANH) said that their “Hydrocarbons Territorial Strategy” designed to address community conflicts has been consolidated in 2016 and that the second stage is already underway.
The expression is “A rising tide lifts all boats” but that certainly applies to netbacks when prices go up. Brent was up 32.5% in 2Q16 and that helped all Colombian companies report better netbacks.
“Parex keeps moving forward” That was the phrase we used to describe Parex’s (TSX:PXT) 2Q16 results and somewhat to my surprise, Colombia President Lee DiStefano liked it.
The Ministry of Mines and Energy (MinMinas) published fuel prices over the weekend for September 2016, which include an rise in both gasoline and diesel, citing increases in crude and biofuels prices.
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