Gran Tierra (TSX:GTE) says that it has closed a US$525M deal for PetroLatina Energy, as it consolidates its position in Colombia and in the Middle Magdalena basin.
The USO continues to celebrate the reversion of the Rubiales and now the Cusiana fields to Ecopetrol (NYSE:EC), calling it “a party for all Colombians”, and also scored a win with the Labor Ministry on refinery work shifts.
As we write this the Rubiales field is hours away from being reverted to Ecopetrol (NYSE:EC), marking the end of an era for Pacific E&P. Starting at 12am on Friday, July 1, the NOC will be tasked with taking the field over, and plans to start a new drilling effort to maintain its declining production level.
The first UN observers have arrived to Colombia to oversee the eventual laying down of arms and confirm the bilateral cease fire between the Farc and the government, as the process continues forward following last week’s agreement.
By enacting a peace agreement, Colombia will have an opportunity to develop the knowledge of its subsoil to visualize opportunities and threats, said the Minister of Mines and Energy (MinMinas) Germán Arce.
The Colombian Chamber of Oil Goods and Services (Campetrol) expects that the oil sector’s Foreign Direct Investment (FDI) will drop 42% in 2016 to US$4.72B, and has bleak perspectives through 2020 if key policy issues are not addressed.
GasNatural gas market research firm Concentra said that the end of the El Niño weather phenomenon has led to a surplus of gas in the market, and a 7% fall compared to April 2016, with 991Gbtud consumption on average.
An alliance of the Bogotá government, green waste management firm Sistema Verde and cement producer Argos looks to round up the thousands of abandoned tires in the capital’s streets and process them, even resulting in fuel. This and other environmental stories in our periodic summary.
Both the Colombian Petroleum Association (ACP) and the Colombian Association of Oil Engineers (ACIPET) welcomes the recent ceasefire agreement, and said that the oil industry has been one of the sectors most affected by the armed conflict.
The Ministry of Finance (MinHacienda) is preparing to issue treasury bonds worth CoP$853.177B (US$294.4M) to cover financial obligations with the Fuel Price Stabilization Fund (FEPC), in an operation that has some analysts scratching their heads.
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