As Ecopetrol (NYSE:EC) slashes its costs in strategy which means new importance for secondary recovery and an efficient costs structure, the NOC could confront a drop in production of 10-15% in the first quarter of 2016.
In the international news section, the current Colombian story is its border dispute with Venezuela. Colombia’s neighbor has ejected several thousand Colombians living near the border and then closed the section in the northeast near Cúcuta to all traffic in either direction.
Analyst’s confession: we think these monthly summaries of key indicators are important for our subscribers, at least to look back at how we got to where we are today.
The USO push for a collective bargaining agreement at Mansarovar Energy has heated up, and its affiliates with the firm have voted to strike.
Non-Armed Forces-reported incidents went up by one this week and that brought the total incident count up by one. However that did not stop the 52-week average from falling to an historic low of 30 incidents per week. This is the safest 52-week period we have seen since starting tracking in 2012.
Eduardo Pizano, the president of Colombia’s Natural Gas Association, Naturgas, urged the government to speed up the process to issue environmental licenses for the production of Coal Bed Methane (CBM), which he said could provide an alternative source to increase the country’s gas reserves.
A national paper highlighted three examples in Colombia’s Caribbean coast of how hydrocarbons firms are both complying with environmental standards and engaging the community to create successful and positive social and ecological impacts.
Considering the recent findings in 2015 of Kronos-1 and Orca-1, last year, there are great expectations for offshore production, but the president of Schlumberger Surenco, Mauricio Vargas said that seeing production from offshore will take time.
A recent report shows that there has been a 17% reduction in attacks through July of this year, to total 73 acts of aggression against oil infrastructure. The number of blockades has also dropped compared to last year as well.
President Santos claims that the last couple weeks of the peace process has progressed more than in an entire year. “In these two or three weeks much more has been advanced than in the last six months or the past year,” said Santos. Dialogues have focused on justice and the end of the conflict.
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