Parex Resources (TSX:PXT) continues to grow its production organically and through acquisitions, and in the second quarter of 2014 posted an 8% increase sequentially and 29% increase year-over-year to reach 19,876bd.
The National Planning Department and other authorizes have organized an expo for regional entities on the royalty system, while Meta finally has its OCAD review. Producing regions might not like the new royalty system, but other regions, such as Sabana de Torres, Santander, have used it to their advantage. These and other stories in our routine round-up of royalty related stories.
The National Environmental Licensing Authority (ANLA) has placed restrictions on the disposal of produced water from the Rubiales field into a waterway with the same name, citing the environmental risk for the area surrounding Pacific Rubiales (TSX:PRE) namesake, and largest producing field.
Brazilian oil operator Óleo e Gás Participações (OGX) says that social and environmental issues pushed it to divest its Colombia assets in the Cesar Rancheria (CR) and Lower Magdalena (VIM) basins, and continues negotiating with the National Hydrocarbons Agency to reach an final exit plan.
Ecopetrol (NYSE:ECP) released its second quarter 2014 financial results last week on Thursday evening (July 31) and blamed a complex security situation and community blockades for a drop in production. Meanwhile on its earnings call on Tuesday (August 5) market analysts questioned the company’s plans to boost production in its top fields.
The first phase of direct negotiations for a new collective bargaining agreement between Ecopetrol (NYSE:ECP) and three of its unions, led by the USO, has come to an end with no agreement. The union says the direct talks will be extended, and looks to organize workers to exert more pressure.
All the things we do not want to see went badly this week as incidents went up to 42, above recent and long-term averages.
The Minister of Environment and Sustainable Development (MinAmbiente) Luz Helena Sarmiento has broken her silence and addressed the damage resulting from guerrilla attacks on oil infrastructure and tanker convoys.
A long planned privately owned refinery appears ready to set foot in Puerto Olaya, Santander, after the investment bank managing the project says it has found a specialized fund in Canada that will make an initial investment in the US$3B project.
The 2014 Round of bid auctions and the associated VI Colombia Oil and Gas Investment Conference in Cartagena was the most anticipated event in the industry calendar so we devote a number of articles to that, including our unofficial, unsanctioned analysis of who won what and the translation (with our commentary) of MinMinas Amylkar Acosta’s defense of the outcome.
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