Ecopetrol (NYSE:EC) has suspended its NFE Backland project, involving a new well in the Cupiagua field, after it received ‘undue pressure’ from the community over local hiring and its social investment, which the NOC says exceeded expectations.
There was lots of speculation leading up to the Ecopetrol (NYSE:ECP) Special Assembly today. However it was anticlimactic in the final result.
We were offered an opportunity to interview PetroTiger board chairman, Mauricio Camargo who wanted to give the company’s position on the case of former executives accused in the US of bribing a now ex-Ecopetrol employee.
Gran Tierra Energy (NYSE:GTE) will invest US$243M into its operations in Colombia, which amounts more than half of its planned investment for 2014 across all of its operations. The investment will primarily go towards 12 wells
A corruption scandal involving a pair of US former PetroTiger executives who paid an now ex-Ecopetrol (NYSE:EC) engineer more than US$300,000 to win a nearly US$50M contract has rattled Colombia’s oil industry, and the Ministry of Mines and Energy (MinMinas) issued a thorough release in which it establishes the engineer was working as a rogue and that the NOC is another victim.
Talisman Energy (NYSE:TLM) is planning to invest US$300M in its operations in Colombia, with an eye on developing identified reserves in the Llanos Orientales CPO-9 and CPE-6 blocks.
Canada’s Pacific Rubiales Energy (TSX:PRE) looked to convince the market that it has a bright future past the looming decline of its flagship and namesake field, Rubiales, and has a plan to cash in on its mid-stream assets to convince a skeptical equity market.
If Ecopetrol (NYSE: EC) brought CAPEX back home, Pacific Rubiales (TSX: PRE) did the opposite, raising exploration investment outside Colombia by 67%.
Ecopetrol’s board recently approved the company’s CAPEX budget as we reported yesterday in an article that focused on the Refining and Petrochemical business. Today we step back to look at the panorama.
Ecopetrol (NYSE:EC) announced its Capex plan for 2014, with the NOC focusing nearly all of its US$10.6B within Colombia and its wholly owned projects as the firm looks to keep production levels in line with government goals in an election year.