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.
Ecopetrol’s (NYSE:EC) Cartagena Refinery (Reficar) has shown recent, serious advances, but there is little good news from another problematic refinery construction, this one an ethanol plant from the NOC’s biofuels subsidiary, Bioenergy. And critics ask whether the mistakes continue.
Spain’s Repsol (MSE:REP:MC) has unveiled a new strategic plan for 2016-2020 where it looks to optimize its cost and remain resilient despite the fall in oil prices, with cost efficiencies gained through its recent acquisition of Talisman earlier this year a central pillar.
Ecopetrol (NYSE:EC) says it will continue to collaborate with Pacific E&P (TSX:PRE) following the reversion of the Rubiales field, and the option of integrating Rubiales with its operation in Castilla and Chichimene weighed in the decision to operate the largest producing field in Colombia directly.
Chinese oil services firm Kerui says that it is looking to partner with Colombian firms, using an offer of the latest technology and cost savings to build its client base in South America. The firm already operates in Argentina and Venezuela, and says it has US$1B to finance projects locally.
The Chinese/Indian owned operator Mansarovar let another bit of light shine into its operation in Colombia, and said that it expects strong growth with projections to see its production grow to 131,000bd by 2020, with an emphasis on technology and secondary recovery.
Ecopetrol (NYSE:EC) has finally made a decision on the future of the Rubiales field, and says that it will directly operate the field once its association contract with Pacific E&P (TSX:PRE) ends in June of next year.
President Juan Manuel Santos was on hand to receive the first shipment of crude destined for the modernized Cartagena Refinery (Reficar), with full capacity expected for the first half of next year.
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