There is growing interest in Colombia’s potential for offshore production, and there are four planned offshore exploration wells in Colombia’s Caribbean waters, but greater incentives are needed to boost this incipient industry.
The USO never shies from voicing a good conspiracy theory, but this week they ventured past Colombia’s border to denounce what they say is a plan by US, French and Saudi interests to bolster the international price of crude through support of the radical Islamist group ISIS (Islamic State in Iraq and the Levant), and divide the region into separate colonies with the interests of the oil industry in mind.
The Empresa Energía de Bogotá (EEB) has bought a 7.78% stake in the Pacific Pipeline through subsidiary, Transportadora de Gas Internacional (TGI), after EEB paid US$880M to take its control of TGI from 68.05% to 99.97%.
The Ministry of Mines and Energy (MinMinas) says that international fuel prices and instability in Iraq have forced fuel prices at the pump upwards for July 2014, while diesel remains stable.
A convoy with nearly two dozen tankers full of crude were stopped on their way to Ecuador by the Farc and forced to open their valves. The tankers were following an alternative route that has been proposed as a safer option to shipping the crude via truck or pipeline across Colombia.
The peace process received words of support from some big names this week, from former world leaders to a multi-denominational group of religious leaders, but the security conditions needed on the ground to continue with the talks receives its fair amount of questions at home.
Gran Tierra (NYSE:GTE) says its current COO Shane O’Leary will step down to retire, and will be replaced by Duncan Nightingale, the current president of Gran Tierra Colombia, with the Colombian senior operations manager Adrian Coral taking Nightingale’s position.
The Minister of Mines and Energy Amylkar Acosta says the government is putting the contraband fuel business in its cross hairs and promises to go after the mafia leading this illicit industry.
The Ministry of Mines and Energy (MinMinas) has prioritized both an expansion of gas coverage and sought to protect that market against increased demand due to the El Niño weather phenomenon, but it has not been enough to guarantee supply for thermal generators.
We think average realized Colombian oil prices could be up as much as 3% when 2Q14 results are reported because Brent and especially WTI have risen consistently.
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