News and AnalysIs for

The international oil price scenario might be grim, but Ecopetrol has some good news to celebrate as its Chichimene Field reached a new daily production record. But in the current price scenario, how important will this milestone be?

With an estimated drop of 50% in 2015, budgets for exploration activities are feeling a strong pinch from the low international oil prices, bringing long term issues for Colombia’s oil industry.

Ecopetrol (NYSE:EC) has offered an overview of operations at the Barrancabermeja Refinery, which it says is one of its most important industrial complexes, but did not mention any expansion plans.

Ecopetrol and Hocol have paved stretchs of highway in Meta and Casanare, while in Yopal the local government is requiring escorts for heavy vehicles to reduce accidents. Pacific Rubiales (TSX:PRE) and community members avoided a blockade after police intervened in Casanare. These and other stories in our periodic coverage of road issues related to the oil industry.

Ecopetrol (NYSE:EC) says that it has successfully sent the first shipment of heavy crude to the Coveñas port using a new butane diluent designed to replace imported naphtha, a technique the NOC says could save it US$70M a year.

Parex Resources (TSX:PXT) has revised its 2015 capital spending plan and cut planned investments to US$145-155M from US$300M as a result of falling oil prices. But the firm says it still expects annual production growth of 18% for the new year.

Ecopetrol (NYSE:EC) has been busy showcasing its Corporate Social Responsibility (CSR) achievements to local media outlets across the country. From water treatment facilities to training, we take a look at these programs in our periodic summary of CSR related news.

The government announced a slight drop in fuel prices as it covers shortfalls in the fuel stabilization fund, which has politicians and the fuel industry retailers calling foul.

The USO says that at the start of 2015 the union has four initial goals for the year, starting with a permanent assembly it is organizing against Haliburton (NYSE:HAL).

Outcry over plans to increase the price natural gas as it is fixed by the market has led to an agreement between the government and industry to postpone planned rate increases this month.