News and AnalysIs for

Ecopetrol (NYSE: EC) reported that Barrancabermeja’s refinery celebrated its 95th anniversary with positive financial results, operating and petrochemical production records, and innovations in its processes, which keeps it at the forefront of industrial development in the Middle Magdalena region.

Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2016, declaring yet another a decrease this time compared to 2015. The Reserves Life Index (RLI), as expected, also fell. Ryder Scott Company and DeGolyer & MacNaughton audited the majority of reserves (99%).

The International Gas Transport Company (TGI) celebrated its 25th anniversary and announced through a press statement that its plan for 2017 includes investments in infrastructure.

We normally look at “Top 10 Oil producers” and “Top 10 gas producers” separately so this time we thought we would combine the list.

The Colombian Chamber of Petroleum Goods and Services (Campetrol) organized a workshop to talk about tax reform. HCC was present at the event; we have a brief summary of the meeting.

Last year was one of the hardest for the hydrocarbon industry. Production fell, investments declined to historically low levels and projects stopped, among many other problems. But, this year begins with good prospects and the sector hopes to recover some lost ground.

Ecopetrol (NYSE:EC) was ranked 454 among the 500 most valuable brands in the world in 2017. This is three positions above last year’s rank, where the NOC was number 457 in international Brand Finance’s classification.

Colombian authorities are betting on offshore projects to cover at least part of the natural gas supply gap in next decade. Several companies have shown interest in this kind of project in Colombian waters.

Colombia is optimistic about increasing its production offshore. Ecopetrol (NYSE: EC) announced that it will start drilling an offshore well in the second quarter of this year. The NOC becomes the first Colombian oil-company to carry out an offshore hydrocarbon project on its own.

Juan Carlos Echeverry, CEO of Ecopetrol, released some results of the “transformation plan” to address low oil prices. This program started two years ago and its results are very positive in a very short time.