News and AnalysIs for

Ecopetrol (NYSE: EC) begins the year with several challenges to face and overcome. The company expects to start recovering after two difficult years. With an oil price above US$50, prospects are more optimistic.

The crude price fall caused large reductions in budgets and investments worldwide. Oil firms are beginning to recover from this period and so they are investing again. The increase in Ecopetrol’s investment budget is the highest in the world.

The enhanced oil recovery strategy to increase production in the country and fields profitability is being successful. Ecopetrol (NYSE: ECP) has announced that several projects are going well.

Gran tierra Energy (TSX: GTE) announced its financial and operating results 2016. The oil company highlighted the increase in production and successful strategic acquisitions in Ecopetrol 2016 bidding round in the Putumayo basin.

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.