Canacol Energy (TSX:CNE) continues its transition to focus on gas production which outpaced crude production in the 2015 fiscal year, and in the quarter ending June 30 went up at the nearly same rate crude production went down. But its bottom line was hit by the fall in oil prices, resulting in a loss.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says the NOC is learning to reverse a trend of “thinking fast and acting slow”, and that its main strategy to improve its results in the short term is in improving the recovery factor. Exploration is for production of the future.
Ecopetrol (NYSE:EC) published a look a back on the 2,572 attacks on its oil infrastructure between 1986 and 2015 by the guerrilla, and gave a small glimpse into some of its impact.
Ecopetrol (NYSE:EC) and Occidental (NYSE:OXY) have reached an agreement that looks to improve the La Cira Infantas field recovery factor from its current 17% to 30%, an alliance which they say ratifies the commitment and trust of the firms in the future of Colombia’s hydrocarbons industry.
A few weeks ago we used some Campetrol data to look at trends in what rigs were doing and where they were doing it. This graph looks at the structure of the industry in terms of the number of rigs per company to see what the implications might be for a sector under severe economic pressure.
Chinese-Indian oil firm Mansarovar has received new found attention after a small number of its USO affiliated workers announced a strike, which the company rejects as unnecessary. The conflict has caused the firm to talk to the local press, giving us a rare glimpse.
Ecopetrol’s (NYSE:EC) proven reserves could feel the impact of the fall in oil prices when they are updated next year, since some of its projects and gains from more costly secondary recovery techniques could be discounted as they would no longer be profitable.
In the eyes of Colombia’s investors, size matters. It is the juniors and small operators that have shown to be more versatile against the effects of the fall in oil prices, and more valued by the capital markets.
Ecopetrol (NYSE:EC) is confronting a tough period that will require a refocused strategy and a more efficient and profitable operation, and there is speculation as to who will run this plan alongside the NOC president Juan Carlos Echeverry.
Ecopetrol (NYSE:EC) announces winners of their college scholarship program while also supporting youth arts education in Putumayo. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
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