The National Hydrocarbons Agency has canceled three contracts with Optima Oil and Range Resources for not meeting their contractual obligations and supplying inadequate letters of credit as a guarantee.
“Cash is King” says Ecopetrol (NYSE:EC) president Juan Caros Echeverry about the outlook for 2016. Apart from keeping a firm control on its costs, the NOC is also looking to both sell participation in some offshore blocks and acquire shares of blocks in foreign waters.
Equion Energy president María Victoria Riaño said that the company is passing through a complex moment and is finishing a round of layoffs to cut costs. She also lamented the slow progress and community problems that prevented seismic exploration during the boom times when prices were high.
Ecopetrol (NYSE:EC) says that it will deepen its spending cuts and austerity program and reduce its investments in 2016 to US$4.8B, in a plan that looks to keep production at a similar level of 2015.
Exxon Mobile (NYSE:XOM) has filed a request for an environmental license for a fracking project, which would make it the first company to step into the much commented space in Colombia.
Ecopetrol (NYSE:EC) has announced more cost cutting measures, one of its main strategies to keep the company profitable. The cuts will affect not just contractors but its staff, and comes as ECP’s stock falls to historic lows.
The oil prices crisis has caused a reduction of 40,000 jobs in the Colombian labor market, according to the study “Guide for the 2015 labor market” performed by Hays and EY. The restructuring of the sector has reached 63% in the first nine months of the year, the study says.
ANH President Mauricio de la Mora was practically exuberant at a ceremony in the ANH’s offices on Wednesday. And why not? Canacol (TSX:CNE) and ConocoPhillips (NYSE:COP) were signing the agency’s first additional unconventional contract and victory had been snatched from the jaws of defeat.
Ecopetrol (NYSE:EC) held a shareholders meeting in Medellín and said that it would strengthen its exploration activities abroad, setting an investment goal per year of US$1.25B on average, destined for the Gulf of Mexico, Peru, Brazil and Colombia’s offshore blocks.
The Colombian country manager of Gas Natural Fenosa, González Santos, said that the supply of natural gas is assured and the matter is “not so complicated”, but the country must be ready to import gas when the hydro-electric grid is short on water.
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