Pacific Rubiales’ (TSE:PRE) recently inaugurated Puerto Bahia port project has been live for two weeks, and the firm is not concerned about the implications of the low oil price on its operations or the viability of the project.
The director of the National Planning Department (DNP) Simón Gaviria said that the General Royalty System (SGR) has approved CoP2.23T (US$864.9M) in funds and incentives that will compensate producing regions in light of the fall in oil prices and its consequences.
Apart from oil prices (still going down!), Ecopetrol transition is one of the key issues for the industry at the present time and we start with a harsh commentary on soon-to-be CEO Juan Carlos Echeverry from political commentator, Mauricio Vargas who worries that the NOC will become yet another source of political patronage.
Pacific Rubiales (TSX:PRE) president José Francisco Arata says that 2015 will be a tough year for the operator, but that the current woes faced by the company and its impact on its share price do not reflect its true value and potential.
The official Weighted Average Cost of Capital (WACC), is still in the works and the president of the Natural Gas Association (Naturgas) Eduardo Pizano says that investments in infrastructure expansion are held up as a result.
Colombia’s reserves are dwindling, and exploration programs have suffered a drastic fall compared to last year, prompting speculation that Colombia could have to start importing crude in the not so distant future.
Time is up on a 90-day period given by the Ministry of Mines and Energy (MinMinas) to local municipalities and districts to present details of protected areas, with authorities and advocates questioning the timing and reach of the decree.
Ecopetrol is well positioned to improve production at the Rubiales field, and even if it chooses another company to operate it, the NOC will only pay a per barrel tariff to the operator, outgoing Ecopetrol president Javier Gutiérrez Pemberthy said at the firm’s annual general shareholder’s assembly.
After being assured that Ecopetrol (NYSE: EC) will not be privatized, the USO called off their indefinite strike – but already a new issue has flared up. The USO is now contemplating another strike in response to Ecopetrol’s firing of USO vice president Edwin Palma.
Current reserves mean that the domestic gas network should have supply for another 10 years says the president of gas distributor Promigas Antonio Celia.
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