News and AnalysIs for

The World Bank performed a study of innovation at the global level and highlighted the importance of INNpulsa Colombia as a key institution for helping to develop Colombia´s productivity. Ecopetrol (NYSE:EC) is positioned as one of INNpulsa important partners.

Ecopetrol (NYSE:EC) now has full authorization to sell its petrochemical unit Propilco, despite questioning from critics as the operation can benefit from an expanded Cartagena Refinery (Reficar), one of the arguments used by the NOC to justify its acquisition in the first place in 2007.

The fall in global crude benchmarks took Colombia’s realized sales price with it. According to figures from the Colombian Petroleum Association, Colombia’s price averaged US$26/barrel during the first quarter of the year.

The National Planning Department (DNP) said that it has suspended, if only temporarily, royalty payments to 124 municipalities in 24 departments for not meeting the deadlines to notify authorities of the advances and current state of projects funded with royalty money. This and other royalty related stories in our periodic summary.

Ecopetrol (NYSE:EC) has celebrated the 31^st anniversary of the Colombian Petroleum Institute (ICP) its R&D center which it says has delivered proven benefits to the NOC worth US$4.17B.

The reversion of the Rubiales field was an achievement for unions, social movements, political leaders and rural residents who worked together to force Ecopetrol (NYSE:EC) to take the field back, says the USO oil workers union.

Rubén Darío Lizarralde, president of the Colombian Chamber of Oil Goods and Services (Campetrol) warned that the Constitutional Court’s recent decisions amount to “a direct attack against the sector and against foreign investment and the productivity of the country”.

The National Hydrocarbons Agency (ANH) published detailed crude oil production results for March and April and that allowed us to update our analysis of shut-in fields.

After a week in Mexico City and another week at the Global Petroleum Show in Calgary, Mexico’s ‘belle of the ball’ status is clear.

Ecopetrol (NYSE:EC) is now set to receive the Rubiales field at the end of the month, and has also established its workforce which will staff and operate the field.