Ecopetrol (NYSE:EC) now has full authorization to sell its petrochemical unit Propilco, despite questioning from critics as the operation can benefit from an expanded Cartagena Refinery (Reficar), one of the arguments used by the NOC to justify its acquisition in the first place in 2007.
Ecopetrol (NYSE:EC) has celebrated the 31st anniversary of the Colombian Petroleum Institute (ICP) its R&D center which it says has delivered proven benefits to the NOC worth US$4.17B.
Ecopetrol (NYSE:EC) is now set to receive the Rubiales field at the end of the month, and has also established its workforce which will staff and operate the field.
Ecopetrol (NYSE:EC) is passing through a test due to fallen production and low prices, says the former Minister of Mines and Energy Amylkar Acosta, who believes that the NOC will be able to make it through, but without any idea of when this could conclude.
The scandal surrounding the Cartagena Refinery (Reficar) might have fallen to a secondary status, but continues to make headlines. A Senate hearing last month, accusations of environmental damage and a full audit by the General Controller’s office have all taken shape over recent weeks.
Ecopetrol’s (NYSE:EC) export distribution in 1Q16 showed a big shift to the US, the Gulf Coast in particular, and away from the Far East, which had been a strategic market for the NOC.
The restructuring process of Pacific E&P will take place in the Canadian legal system after both US and Colombian authorities announced they would support this process, although Colombian regulators have ordered the firm to guarantee payments for its Colombian creditors.
Despite assurances from leaders of the UTEN oil workers union, which affiliated Pacific E&P workers in the Rubiales field, Ecopetrol (NYSE:EC) has confirmed it will not use the UTEN workers, it will hire a completely new workforce, in a victory for the more militant USO union.
Ecopetrol (NYSE:EC) is set to receive the Cusiana field from Equion on July 4th, and is in talks with the local community to identify social priorities which are aligned with the project.
Last week we did the top 10 oil producers so we thought we would start this week off with the top 10 gas producers and then look at the top 10 combined producers.
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