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The evolution of Ecopetrol’s exploration budget

The evolution of Ecopetrol’s exploration budget

The Colombian Chamber of Oil Goods and Services (Campetrol) published an analysis of how Ecopetrol’s (NYSE:EC) exploration budget has shifted to market conditions over the last several years, and urged the NOC to step up exploratory efforts and spending.

Wednesday, February 3rd, 2016
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Reficar: Attention turns to CB&I

The blame game is in full effect, and now the General Controller has said the Cartagena Refinery contractor charged with the cost laden modernization project CB&I (NYSE:CBI) is looking to pull out of Colombia without passing over documents requested by the control entity in an audit of the project.

Tuesday, February 2nd, 2016
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Gran Tierra CEO talks consolidation

Gran Tierra Energy (TSX:GTE) CEO Gary Guidry reaffirmed the operator’s focus on Colombia, and said that with low prices many projects will no longer be viable, presenting an opportunity for firms with a low cost structure. He also emphasized the importance of oil infrastructure.

Monday, February 1st, 2016
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Is Colombian production already underwater?

Is Colombian production already underwater?

Speculation has risen in the local press that the high proportion of heavy crude in Colombia and Venezuela means that already operators are selling oil below the cost of producing it.

Wednesday, January 27th, 2016
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Controller releases report on Reficar: US$4B in cost over runs

The General Controller has released a 200 page report on the cost overruns incurred in modernizing the Cartagena Refinery, and accused Ecopetrol (NYSE:EC) of spending US$4.02B more than the original budget.

Wednesday, January 27th, 2016
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GTE first out of the gate with reserves data for YE 2015

GTE first out of the gate with reserves data for YE 2015

Theoretically, lower oil prices mean some resources will cease to be economically viable and will have to be written down. “How much will be written down?”is a question that we frequently get asked. Gran Tierra (TSX:GTE) gives us first look, although it is a special case.

Tuesday, January 26th, 2016
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USO: Ecopetrol uses oil crisis to cut worker rights

The USO said that its presence has been critical to support community residents in Monterrey, Aguazul and Tauramena who are protesting Ecopetrol’s decision to eliminate transportation for contractor workers, which it says is another sign of the NOC using the oil price crisis as an excuse to weaken worker rights.

Monday, January 25th, 2016
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GTE announces flexible 2016 Capex plan

Gran Tierra Energy (TSX:GTE) has announced its 2016 investment plan which it says will give it flexibility in allocating capital to projects and better weather the volatility in oil prices. The firm says that it wants to both grow and expand on its assets in Colombia.

Wednesday, January 20th, 2016
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Ecopetrol problems in Barrancabermeja continue

USO affiliated workers at the Barrancabermeja have put up the greatest resistance to Ecopetrol’s (NYSE:EC) cost cutting measures, with a continued run of protests and blockades affecting the area since mid-December. An unstructured dialogue continues for now.

Wednesday, January 20th, 2016
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PRE’s Pantin remains calm

Pacific E&P (TSX:PRE) CEO Ronald Pantin gave his first interview since the firm’s stock took a beating last week due to liquidity concerns which forced it to take an extension on interest payments. The executive insists that the firm remains on solid footing despite the upheavals.

Tuesday, January 19th, 2016
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