The 2014 Round of auctions is over and the Colombian government is all smiles (at least in public) with 26 of 95 blocks assigned. Unlike the previous round, all the onshore winners are companies already doing business in Colombia.
After a long awaited meeting of Ecopetrol’s (NYSE:EC) board of directors to discuss the use of Pacific Rubiales’s STAR secondary recovery technology, the companies issued a somber news release that says the pilot in Quifa will not continue. It would appear that the technology’s prospects are null for the Rubiales field, although neither are saying that yet.
The uncertainty surrounding the future of Colombia’s largest producing field, Rubiales, and the association contract between Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE), has workers currently assigned in the UTEN union with the later firm demanding more clarity about their future.
Another postponed decision and conflicting reports on the performance of Pacific Rubiales’ (TSX:PRE) secondary recovery technology Star have shrouded the project, which is the operator’s main bet for its namesake Rubiales field, in uncertainty.
Parex (TSX:PXT) is establishing a summer-time tradition of updating its reserves every June. This year is no exception and this time, appropriately, the figures incorporate its acquisition of Verano Energy Ltd (‘Verano’ is the Spanish word for ‘summer’.)
Ecopetrol (NYSE:EC) and four unions that fill its ranks have started the process to reach a new collective bargaining agreement. The last one was in place from 2009-2014 and Ecopetrol is optimistic that an agreement can be reached during direct talks.
After reaching an agreement that establishes the general terms of the negotiation for a new collective bargaining agreement, representatives from the USO and Ecopetrol (NYSE:EC) started talks in Bogotá on Monday, July 14.
Ecopetrol’s (NYSE:EC) board of directors has delayed a meeting to review a technical report on Pacific Rubiales (TSX:PRE) STAR secondary recovery technology to this week, and the Minister of Mines and Energy Amylkar Acosta has promised a decision this month.
The Minister of Mines and Energy Amylkar Acosta says that Pacific Rubiales (TSX:PRE) is not interested in an extension of the association contract for its flagship field Rubiales, offering instead to install its STAR secondary recovery technology.
The Empresa Energía de Bogotá (EEB) has bought a 7.78% stake in the Pacific Pipeline through subsidiary, Transportadora de Gas Internacional (TGI), after EEB paid US$880M to take its control of TGI from 68.05% to 99.97%.
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