A potential plan from Ecopetrol (NYSE:EC) to farm out its smaller fields to private operators, one of the potential new strategy points mentioned by the NOC’s president Juan Carlos Echeverry, already has the USO oil workers union sounding alarms.
USO affiliated workers with oil services firm Weatherford (NYSE:WFT) came to an agreement ending a nearly month long strike.
Acquisitions of Pacific Rubiales (TSX:PRE) ordinary shares by a financial group has caught the attention of local press, while a reported proxy battle for control of Gran Tierra Energy (TSX:GTE) has caught the interest of analysts.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry gave another interview, emphasizing offshore and clarifing that in the Llanos development remains strong despite cuts in investment.
Colombia’s watchdog on corporate activity, Supersociedades, studied 53 companies from the oil and gas sector and concluded that 23 or about 40% were at a high risk of declaring bankruptcy.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says that the NOC has more austerity measures coming, but that thus far there are no mass layoffs planned. He also said fracking must continue to be an option.
In order to lower its costs in the current oil price scenario, Pacific Rubiales Energy (TSX:PRE) is taking measures to get better value out of its light and medium crude and sell at a higher price.
The General Comptroller (CGR) says that Ecopetrol (NYSE:EC) has incurred a CoP$16.5B (US$6.5M) loss due to poor control and contract management when receiving fields being operated by other operators, amounting to a loss of state resources, a charge which the NOC denied.
Natural gas distribution and commercialization firm Gas Natural Fenosa says that growth in the number of natural gas vehicles conversions stood out in its 24% increase in its sales volume during 2014.
Maybe finding gas has been seen as only a long double base hit, great news, but short of the high hopes of a home run. But the market forces in Colombia offer some protection from the turbulence of the global crude oil industry.
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