Ecopetrol (NYSE:EC) confirmed that the operational reality on the ground is cutting into its production abilities, which has coupled with increased costs and lower oil prices for a rough first quarter 2014 for the NOC.
A panel of authorities and experts led by the Vice-minister of Energy Orlando Cabrales participated in a seminar organized by the Colombian Petroleum Association (ACP) to highlight a number of policies designed to better communicate environmental practices and facts with the community in Casanare.
The Minister of Mines and Energy Amylkar Acosta published an opinion piece in which he highlighted the gains in terms of energy security for the country, pointing out that it is one of the highest ranked nations in terms of energy security in the region, something that will be crucial to prepare for potential effects of El Niño weather phenomenon.
GasPacific Rubiales (TSX:PRE) will receive US$75M from the International Finance Corporation, part of the World Bank, for a liquid natural gas LNG plant that it is building to export gas produced by the company from the La Creciente field.
During the debate on the Casanare drought in Colombia’s Senate, the Minister of Mines and Energy (MinMinas) Amylkar Acosta addressed accusations that oil production is depleting water resources in Casanare and addressed the increased seismic activity in Puerto Gaitán, Meta, saying that scientific research must confirm the causes.
The government has received substantial political pressure to lower fuel prices, but Ecopetrol (NYSE:EC) says it will continue to produce fuels despite a price that cuts into their margins and in turn, their ability to invest.
The drought in Casanare continues to draw headlines even if rains have reached the region. Relating oil production to the problem has become a convenient fact for the anti-oil lobby.
Senator Martiza Martínez, a regular critic of the oil industry in Colombia’s senate, says that oil companies should stop receiving tax benefits due to the damage she says that exploration and production activities do to the environment, and that a new “green tax” should be created as well.
The USO reacted to news that Pacific Rubiales (TSX:PRE) and Ecopetrol (NYSE:EC) met to discuss the STAR secondary recovery project accusing PRE of poor management of the project and called for the NOC to not renew the production contract with the Canadian firm.
Members of the U´WA indigenous community finally met on April 25th to discuss an agreement that would allow repair crews in to fix the damaged Caño Limon – Coveñas pipeline but no agreement was reached.
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