As we write this the Rubiales field is hours away from being reverted to Ecopetrol (NYSE:EC), marking the end of an era for Pacific E&P. Starting at 12am on Friday, July 1, the NOC will be tasked with taking the field over, and plans to start a new drilling effort to maintain its declining production level.
The other major reversion (besides Rubiales), Ecopetrol (NYSE:EC) is set to receive the Cusiana field on July 4th, after the end of the Tauramena association contract, signed originally between BP (NYSE:BP) and Ecopetrol in 1986.
Equion Energy held a farewell activity as it closes its contract for the Cusiana field and thanks the community and authorities. But in Nunchía, blockades at its Floreña I well have it close to suspending operations. These and other Corporate Social Responsibility (CSR) related stories in our periodic summary.
Accusations of unfair competition, of a monopoly and aggressive tactics against family-owned fuel stations have made press, with a particular emphasis on Terpel, which critics say has crossed a line as a wholesaler and retailer.
Ecopetrol (NYSE:EC) has made good on promises to sell off its non-core assets, and has announced a ‘2016 Field Round’ in which it is auctioning 20 assets to the oil & gas industry.
The National Hydrocarbons Agency (ANH) has been willing to negotiate contract terms of E&P contracts as one of the benefits delivered to the industry due to the fall of oil prices. But rarely do these agreements get released to the public. A recent agreement made with Interoil over COR-6 gives us a small window into this process.
A small sign of progress as Ecopetrol (NYSE:EC) confirmed that it has restarted a drilling campaign, with new developmental wells in the Chichimene and Castilla fields, after a renegotiation of its drilling contracts that culminated last month.
After a successful strategy to diversify its production towards gas, Canacol Energy (TSX:CNE) says that it could replace 60% of Colombia’s current natural gas reserves, but to do so infrastructure bottlenecks must be addressed.
Looking for new ways to grow its already significant fuel and lubricant distribution business, Terpel put new emphasis on the quality of service offered to customers, adjusting its infrastructure to do so, and logged a 6% increase in sales as a result in 2015.
The World Bank performed a study of innovation at the global level and highlighted the importance of INNpulsa Colombia as a key institution for helping to develop Colombia´s productivity. Ecopetrol (NYSE:EC) is positioned as one of INNpulsa important partners.
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