At the end of November 2014, reports surfaced that the Cartagena Refinery would be functional in January 2015 and see its commercial launch in August 2015. But in Ecopetrol’s (NYSE:EC) latest earning results, management said that once again, that timeframe will be pushed back.
Canacol Energy (TSX:CNE) reported that daily production volumes increased by 1% in the first quarter 2015 (its Fiscal Year 2015 third quarter), but that peso devaluation and global oil prices led to a net loss.
Pacific Rubiales Energy (TSX:PRE) said that it has posted record production in the first quarter of 2015 despite a 17% yearly decline from its flagship Rubiales field, but ended up in the red for the second consecutive quarter.
Ecopetrol (NYSE:EC) saw its revenues hit by the fall in oil prices, but managed to reverse losses felt in the final quarter of 2014, posting a consolidated net income of CoP$160B (US$67.32M) as production holds and margins in its transportation and refining businesses improve.
Parex Resources (TSX:PXT) narrowed its net loss in the first quarter of 2015, and registered production above its projections for the period.
Canacol Energy (TSX:CNE) has announced its 2015 Capex plan which includes an investment of US$84M for its operations in Colombia and Ecuador. Due to uncertainty on the price of crude, the firm says it has focused on its gas reserves, and expects 60% of its production immune to fluctuations in the price of crude .
Promigas president Antonio Celia believes that there is commitment from the government to make gas infrastructure licensing more agile, but the system does not fully consider the cost of delays in licensing, considering the loss in royalties, investment, job creation, gas availability and gas rates.
Costs associated with closed operations in Peru and the fall of oil prices cut into Gran Tierra Energy (TSX:GTE) financial results, but the firm says its production remains stable, looked to focus on cost cutting and would not comment on management speculation in its first quarter 2015 conference call.
A potential plan from Ecopetrol (NYSE:EC) to farm out its smaller fields to private operators, one of the potential new strategy points mentioned by the NOC’s president Juan Carlos Echeverry, already has the USO oil workers union sounding alarms.
USO affiliated workers with oil services firm Weatherford (NYSE:WFT) came to an agreement ending a nearly month long strike.
2025, Hydrocarbons Colombia, All Rights Reserved.
