Issues like the lack of adequate roads and poor advancement of infrastructure safety mechanisms have caused some to consider Colombia the most expensive country for oil operations in the region.
Considering a fall of 70% and 80% in seismic work and exploratory wells and declining mature fields, Colombia’s daily production could fall as low as 750,000bd in just two years, says the executive director of Colombian Association of Oil Engineers (ACIPET), Carlos Leal.
Record production from nearby fields, along with optimized contracts, processes and operations have helped the Barrancabermeja Refinery report operational profits, despite facing a rocky labor scenario within.
Havana chief negotiator Humberto de la Calle announced some of the options being considered for the development of agreements with the Farc and defended the “sovereign powers” of the executive to submit agreement proposals.
Havana chief negotiator Humberto de la Calle announced some of the options being considered for the development of agreements with the Farc and defended the “sovereign powers” of the executive to submit agreement proposals.
We often get asked our opinion about where oil prices are going. If we could do that well, we would be trading not commentating.
Pacific Exploration & Production (TSX:PRE), formerly known as Pacific Rubiales, came out with the surprise announcement that its president and director, José Francisco Arata will retire from his position, effectively immediately.
If the most recent timeframe for the Cartagena Refinery (Reifcar) is correct, the facilities will be finished six years behind schedule, expected to begin operation end-2015 or the first quarter of 2016 and would be the most modern refinery in Latin America. If it is finished on time.
The current fall in oil prices, and commodities in general, has plenty in common with the price crisis felt in 2008. But there are several key differences that show today’s situation is the end of a super-cycle for commodities.
The Colombian oil industry is facing serious challenges for its long term future, and day-to-day fixes are not enough says the president of the Colombian Petroleum Association (ACP) Francisco Lloreda.
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