The gap between WTI and Brent opened in late 2010 and from mid-2011 to mid-2013 average Colombian realized oil prices moved in the gap. The gap has closed somewhat in the past few quarters but, for unrelated reasons, average Colombian realized oil prices have moved to or below WTI.
The United States’ shale gas revolution has awakened in other countries around the world the desire to repeat it, and the United Kingdom is one of the front-runners.
After receiving the signature of the Ministry of Mines and Energy Amylkar Acosta, the National Hydrocarbons Agency has published conditions and rules for E&P contracts involving unconventional resources.
This month we start with an interview with Barry Larson, COO of Parex and Lee DiStephano, Parex’s leader in Colombia. They give us a clear-eyed view of the challenges but the overall tone is positive.
After widespread coverage of the drought in Casanare paired with accusations that oil production is causing it, the USO has come out and said that its work with the local community in Arauca could prevent the same tragedy from happening there as well.
The board of directors of Gas transport firm TGI agreed to pay out 100% of the company’s profits from last year to shareholders, spreading the profits from financial consolidation as the company harnesses the growing gas market.
Incidents near areas of interest to the oil and gas industry were up to 37, below recent but still above long-term averages. Non-Armed-Forces-reported incidents were above average both in percentage and absolute terms. This is our indicator of increased guerrilla-initiated activity. Our 4-week Moving Average incident count was down at 40.3 and the 52 week average was up slightly at 31.1 incidents per week.
Peru’s NOC Petroperú has announced it will float 49% of its shares to public markets, opening the state run firm to private capital. What lessons are in this for Ecopetrol (NYSE:EC)?
The Colombian Minister of Mines and Energy, Amylkar Acosta, heralded an optimistic view for 2014, saying that not only are investors continuing to believe in Colombia’s potential, but also a potential record of exploratory wells, some 240, will be drilled this year.
With few changes to the deadlocked peace talks in Havana, the ongoing conflict in departments like Arauca overshadowed any bits of progress, despite an assurance from President Juan Manuel Santos that the talks are now at a mature state.
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