Ecopetrol (NYSE:EC) grew its profit for the second straight quarter since its first loss as a listed company in the 4Q14, with refining posting a profit and adding a boost. Production has grown yearly, but fell off slightly compared to the previous quarter.
The Colombian government’s chief negotiator in Havana Humberto de la Calle came forward with a strong statement that the talks are moving forward in Havana, and even put a time-frame on an agreement.
Despite a constant message from the Ministry of Mines and Energy (MinMinas) that a rising price of biofuels has counteracted falling oil prices to keep fuel prices higher, the president of the biofuels association Fedebiocombustibles Jorge Bendeck says its more complicated than that, and increasing the mix would actually drop prices.
Parex Resources (TSX:PXT) saw its production grow slightly in the second quarter of 2015 when compared sequentially, and posted its first profit since the fall of oil prices early this year.
Ecopetrol releases a statement denying dumping accusations while Puerto de Tumaco authorities question the Government response to oil contamination. These and other environmental stories in our periodic summary.
The transportation of crude in 2014 suffered a number of high profile attacks but the business remains solid, with Cenit and Ocensa leading the market in terms of sales
After repeated increases, the Ministry of Mines and Energy (MinMinas) said that diesel prices will fall to CoP$7756 (US$2.66) a gallon in Bogotá, a CoP$117 or 1.4% drop. Gasoline prices however will increase.
The Minister of Mines and Energy (MinMinas) Tomás González attended a recent summit organized by Bloomberg to reinforce the strategic position of the oil industry and that despite what has been said, everything is going well.
After royalty revenues dropped less than expected, Delegates of the National Federation of Departments met with the Minister of Finance to release royalty resources, meanwhile a new royalty spending transparency tool has been released. These and other stories in our periodic roundup.
Ecopetrol (NYSE:EC) and Anadarko (NYSE:APC) have announced a hydrocarbons discovery at their Caribbean offshore exploratory well Kronos-1, a development which has the government hailing that its offshore strategy is working while other industry members urge caution as the fruits of the find are still years to come.
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