Julio César Vera, president of the Colombian Association of Petroleum Engineers (Acipet), spoke about the importance of fracking to assure the country’s self-sufficiency.
Oil companies are diversifying their portfolios and the industry associations say the petrochemical business has positioned itself as one of the most attractive alternatives.
Ocensa, Geo Park (NYSE:GPK) and Ecopetrol (NYSE:EC) spoke about the successful development of social investment projects in their areas of influence. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
The company announced measures to improve its service in the Colombian Caribbean.
The implementation of unconventional techniques, such as fracking, to produce oil and gas has generated much concern and controversy in the country. This time, a group of environmentalists falsely claimed there was fracking in the department of Santander.
Environmental compensation of the oil sector has been a difficult issue to develop in the country, but it seems like this topic is thriving, and the environment will be the main beneficiary. Parex announced an important environmental compensation project in the department of Casanare.
Geopark Limited (NYSE: GPRK) announced its financial results for the second quarter 2018. The company reported record oil and gas production and Colombia keeps increasing its participation in this key metric.
The bottom-line for a company are its profits and/or stock market performance. But we try to take a policy perspective so our bottom-line is production and reserves. Both were rather naturally affected by the oil-price crisis and so, maybe, “nobody’s fault”. The current industry question is how fast things have reacted to upward price signals and whether policy plays a role in that. Call it the U-curve.
Parex (TSX: PXT) announced its financial and operating results for the second quarter of 2018. The firm reported oil production growth and good financial performance. Parex is optimistic about its performance in coming quarters.
The project would represent important savings for the country, according to former Vice President, General Oscar Naranjo.
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