The crude oil production decline in 2Q16 – which continued in July – was a surprise for some observers (including us unfortunately). We know the reason is the lack of development drilling which is letting natural declines dominate production.
Looking to end a surge of strikes in Putumayo, the Ministry of Environment (MinAmbiente) said it will lead in creating an “inter-institutional committee” for the department. The ministry said it was to deal with “inadequate hydrocarbons practices,” but its statement talked exclusively about illicit crop eradication.
Leadership of the USO met with the Labor Minister Clara López and urged the official to step in as a mediator between the national government, the union and Ecopetrol (NYSE:EC) management, ahead of a possible union strike in October.
Ecopetrol (NYSE:EC)’s plans to auction off non-strategic assets in a special bidding round has received interest from a total of 138 suitors, as the NOC looks to sell off around 20 of its smaller and mature fields and blocks.
Ecopetrol’s (NYSE:EC) president Juan Carlos Echeverry rejected the motives for a planned strike by the USO oil workers in October and said it is a reckless move considering the state of the oil industry.
During the first half of 2016, crude exports from Colombia to the United states increased by 82,000bd, to reach a total of 520,000bd. This amounts to a 18.72% increase compared to the same period last year.
The formal date for the signing of the peace agreement has been set for September 26th, days ahead of the scheduled October 2 plebiscite. The signing ceremony will take place in Cartagena. Meanwhile the Farc have suspended a conference to discuss the agreement within their ranks.
Ecopetrol (NYSE:EC) said that an average of 20,300 people worked on its projects in the first half of 2016 through its network of contractors, and up to 87% of these workers were local hires. This and other Corporate Social Responsibility (CSR) stories in our periodic roundup.
In its first regulatory move since the exit of its president earlier this year, the National Hydrocarbons Agency (ANH) has published a draft of regulations which will govern a promised new assignment process. The agency will receive comments through September 18th, 2016.
The Minister of Mines and Energy Germán Arce warned that there is a potential that groups with interests in illicit activities have taken to industry blockades negotiate specific demands, and these should not be confused with traditional anti-oil protests.
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