In announcing Geopark (NYSE:GPRK) 3Q15 results, CEO James F Park said that the company’s portfolio and cost-management efforts resulted in “approximately 85% of our production being profitable at a $25-30 oil Price”.
The controversy surrounding the operation of Colombia’s largest producing field, Rubiales, continues past Ecopetrol’s (NYSE:EC) decision to operate the field on its own. Now statements from the Minister of Labor Luis Eduardo Garzón have ignited a debate on current operator Pacific E&P (TSX:PRE) workers at the field.
Canacol Energy (TSX:CNE) reported its third quarter 2015 results, which showed a sequential increase in production and a fall in costs, but gas production fell sequentially although up year-over-year.
After Ecopetrol (NYSE:EC) said in no uncertain terms there is no money to modernize the Barrancabermeja Refinery despite outcry from residents, the oil workers union USO has charged that the NOC is planning to sell the unit, which the firm denies.
Ecopetrol (NYSE:EC) continues to analyze its association contracts which are about to expire, and says that if it bolsters the company’s financial standing, it could repeat its decision made at the Rubiales-Piri and revert contracts. Around 45 association contracts between 2015-2041 could be reviewed.
Emboldened by the recent decision for Ecopetrol (NYSE:EC) to directly operate the Rubiales field, the USO has now taken direct issue with the NOC president Juan Carlos Echeverry, who the union claims is dismantling the company to be privatized and targeting workers in favor of multinationals.
Impairment charges and drop in revenues dogged the third quarter results of Pacific E&P, while analysts eagerly await more details on its plans to sell off midstream and infrastructure assets.
Gran Tierra’s (TSX:GTE) new management team has promised to refocus the company on Colombia and they did manage to have nearly 5% growth in Colombian production in 3Q15 although it remains within the same band as the last three years.
Oil company shareholders are not having a good year, hurt by continuing low oil prices. However Parex (TSX:PXT) 3Q15 results should make its investors happier than most.
ONGC Videsh (OVL), the subsidiary for foreign investments of Indian NOC ONGC, is executing an investment of more than US$72M in a first phase of exploration in three offshore blocks in the Colombian Caribbean.
2025, Hydrocarbons Colombia, All Rights Reserved.
