Ecopetrol (NYSE: EC) announced its third quarter and year-to-date (YDT) 2017 results. The firm highlighted that YTD net income continues to increase. The NOC’s reported margins are at their highest in the past two years.
CEO Felipe Bayón explained that the NOC’s biggest challenge is to produce 600mmbbl in 2020, for which it will focus on exploration, Enhanced Oil Recovery (EOR) and unconventional resources (UC).
Ecopetrol (NYSE: EC) is looking to expand its international presence in the region, and the company announced a new alliance for exploration and production in the Americas.
Ecopetrol (NYSE: EC) has focused on hydrocarbons exploration and production since it began operations, but decided to enter in a new line of business in Colombia.
Geopark (NYSE: GPRK) and Cepsa Colombia announced an agreement to work in a new high-potential exploration acreage in the country. This is the first alliance between the two companies.
Ecopetrol (NYSE: EC) enabled the connection of the Bicentenario, Araguaney and Central pipelines as a new route to extract oil from the Coveñas Caño Limon field (CCL) to Coveñas port.
Frontera Energy (TSE: FEC) announced its plans for 2018 in Colombia. The company aims to strengthen its presence in the country.
Ecopetrol (NYSE: EC) and the Industrial University of Santander (UIS) are working on a molecular biology project to solve oil industry problems.
Offshore projects are progressing as planned and the sector has made announcements about these. Ecopetrol (NYSE: EC) made a decision on the drilling of the Molusco-1 well.
In recent years, Ecopetrol (NYSE: EC) has followed an austerity strategy to deal with the oil price crisis. The company committed to reactivate investment this year with heavy spending, but the firm is reducing its budget compared to initial plans.
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