Our Corporate Social Responsibility (CSR) editor has been consistently finding Ecopetrol (NSYE:EC) stories, both with a positive and negative tone. This demonstrates the important role of the NOC in shaping how Colombia views its oil industry.
Although it has served as a lightning rod for government criticism in Barrancabermeja, Santander, Ecopetrol’s (NYSE:EC) board of directors gave a definitive suspension to plans to modernize the city’s refinery in the 2016-2020 strategic plan.
The export of crude oil and derivatives totaled US$576M in January 2016 and accounted for 31.3% of the commercial export value of the country, but have also shown a substantial drop in value and are selling below global benchmark prices.
In Ecopetrol (NYSE:EC) 4Q15 results conference call, Cenit President Tomás Rueda revealed that the NOC is working with authorities on a new pipeline tariff scheme. That no doubt pleased his suffering clients.
The environmental debate surrounding oil production in Colombia turns to again to the impact on water sources, while Ecopetrol (NYSE:EC) and Parex (TSX:PXT) have announced conservation programs and alliances. These and other environmental stories in our periodic summary.
A high Cartagena court has halted the construction of a strategic section of a natural gas pipeline which would help supply thermal generators in Cartagena with the fuel.
The resignation letter of former Minister of Mines and Energy (MinMinas) Tomás González has made it to the national press, and in it he defends his work and policies to President Juan Manuel Santos, despite a “perfect storm” of problems which arose in his tenure. No mention of the Inspector General’s investigation.
Ecopetrol (NYSE:EC) published its results this week and that allows us to update our analysis of the NOC by Line-of-Business (LOB). By now it should not be a surprise that the Transport division is ‘carrying the load’ for other, weaker LOBs.
We had been saying that a number of the ANH’s recent initiatives were more likely to produce gas rather than crude oil.
Geopark (NYSE:GPK) reported production gains in its consolidated operation and in Colombia, which now accounts for 67% of its production, but saw a strong drop in revenues and posted a loss for 2015 due to the oil price.
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