Ecopetrol (NYSE:EC) once again posted a profit in the first quarter of 2016 of CoP$363B (US$123.7M), as its transport business benefits its bottom line, coupled with cost cutting and a favorable exchange rate.
While the number of attacks on the Coveñas/Caño Limón pipeline has fallen dramatically, Ecopetrol (NYSE:EC) is facing the high cost of illegal valves and pipeline theft.
One of the initiatives of the former president of the National Hydrocarbons Agency (ANH) Mauricio de la Mora is to allow international investment funds to partner with oil companies or contractors to create new investment, and the regulations to allow it are nearly ready.
The National Agency of Environmental Licenses (ANLA) made a mistake by granting an environmental license to Hupecol for a production block some 68km from the Caño Cristales river, but rectified its error by revoking the license, said President Juan Manuel Santos.
Facing mounting criticism for cost overruns and poor contracting practices, Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said the NOC is implementing a new strategy for how it purchases goods and services and manages its projects.
A congressional representative from Caquetá allege that with growing E&P activity, the oil industry has intimidated the local population into accepting its presence and taken advantage of the unmet needs of the community to gain traction for potentially damaging projects.
The Ministry of Mines and Energy (MinMinas) reported that once gain fuel prices will start to increase after successive drops in recent periods. The international price of fuel and increased biofuel costs were cited as the reason.
The new Minister of Mines and Energy Germán Arce gave his first interview to national press, addressing controversy surrounding the electrical energy offer and the issuing of environmental licenses for sustainable projects. He also defended fracking.
This week, we recorded the highest number of guerrilla-initiated incidents since last July. And they included the first large-scale attack on the Coveñas / Caño-Limón pipeline in some time. This will not be good for the peace process with the ELN nor for May production results.
The USO said that it is ready for Rubiales field to be reverted to Ecopetrol (NYSE:EC) and discarded any notions that Pacific E&P workers affiliated with rival union UTEM would keep their jobs.
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