Spain’s Repsol (MSE:REP:MC) has unveiled a new strategic plan for 2016-2020 where it looks to optimize its cost and remain resilient despite the fall in oil prices, with cost efficiencies gained through its recent acquisition of Talisman earlier this year a central pillar.
Positive momentum in September carried through to October and we have now had two straight months of increasing month-end crude oil prices. October ended on a positive note.
The National Council of Industry Associations and the 21 industry representatives which form it have signed off on an articulate and thorough document which addresses the concerns of these business sectors about the peace process in Havana, and more importantly, its impact on Colombia. With a diplomatic tone, it both justifies the fundamentals of the talks against its critics, but it is not a blank check for the government to push an agreement through on any terms.
Ecopetrol (NYSE:EC) says it will continue to collaborate with Pacific E&P (TSX:PRE) following the reversion of the Rubiales field, and the option of integrating Rubiales with its operation in Castilla and Chichimene weighed in the decision to operate the largest producing field in Colombia directly.
Both gasoline and diesel will drop in price in the month of November, driven by a fall in international prices and the exchange rate, although biodiesel prices continue to counteract this downward trend.
The USO says that its effort and persistence to pressure Ecopetrol (NYSE:EC) to directly operate the Rubiales field amounts to a historic achievement for the union. Now it has called for workers in the field to join the USO and plans to increase its pressure to carry out the modernization of the Barrancabermeja Refinery.
Chinese oil services firm Kerui says that it is looking to partner with Colombian firms, using an offer of the latest technology and cost savings to build its client base in South America. The firm already operates in Argentina and Venezuela, and says it has US$1B to finance projects locally.
Led by the Ministry of Mines and Energy (MinMinas) and some of Colombia’s largest firms in the mining, oil and gas sectors, an agreement to adhere to the Extractive Industries Transparency Initiative (EITI) has been signed, and the first report on the matter is due in December 2015
President Juan Manuel Santos says that a bilateral cease fire could be ready by January 1, 2016, but urged the Farc to accelerate the negotiations in order to do so. Meanwhile the ELN orchestrated a deadly attack which left at least 11 soldiers and one police officer dead.
The Chinese/Indian owned operator Mansarovar let another bit of light shine into its operation in Colombia, and said that it expects strong growth with projections to see its production grow to 131,000bd by 2020, with an emphasis on technology and secondary recovery.
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