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The General Controller performed an audit of the Colombian Petroleum Institute (ICP), the research institute of Ecopetrol (NYSE:EC) and found 15 administrative findings, two fiscal and four “disciplinary” cases in its contracts worth a total of CoP$1.072B (US$370,000). Questions on an unsuccessful building of a butterfly sanctuary were also raised.

The attack on the Transandino Pipeline (OTA) in June of this year has been labeled the worst in Colombia’s history due to the extensive environmental damage which occurred from the spilled oil. Four months on, the initial emergency measures are just now being concluded.

The benefits of peace on Ecopetrol’s (NYSE:EC) financial results, and in turn the fiscal take, are numerous; from the value of oil deferred or spilled due to attacks, repair costs of pipelines and production from areas where the conflict has prevented greater E&P activity.

The process to clear the way for Ecopetrol (NYSE:EC) to start commercial production work for its CPO-09 block is slowly moving forward, while challenges persist for heavy crude production and its potential in Colombia.

Ecopetrol (NYSE:EC) environment chief for Middle Magdalena and Catatumbo Julia Celina Angulo Díaz said that the NOC will be recognized by the United Nations Development Program in December for its social work in the region.

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.