The top 6 producers represented 87% of Colombian production in 4Q13 but it would be wrong to think that they all have their production in the same departments.
Ecopetrol (NYSE:EC) has released contracting figures for the first quarter of 2014, when the Company contracted 41% more in value terms compared to the same period last year. Bogotá based companies continue to have a greater share of the NOC contracts.
The earnings statement of Ecopetrol (NYSE:EC) confirmed that the Asian market and Far East is now well installed as the prime receiving market for Colombian crude, and the Ministry of Mines and Energy says the trend is true for the mining industry as well.
Our list of corporate social responsibility projects (CSR) over the last two weeks has been dominated by Ecopetrol (NYSE:EC), who has made a splash in local press through a series of different initiatives and projects. A cynic would say, “it must be an election year”, an optimist, “good job”.
The much anticipated and debated future of the Rubiales field appears to have a day of reckoning ahead, with local press saying a decision will be made in June on the future of its production contract, currently operated by Pacific Rubiales Energy (TSX:PRE).
President Juan Manuel Santos visited Villavicencio, Meta, delivered the environmental permit approved by the National Environmental Licensing Authority (ANLA) last week and promised support for the Llanos Refinery for Meta’s capital.
The president of the National Hydrocarbons Energy Industry Workers Union (Uten) Alejandro Ospina rejected reports that affiliated workers had joined a protest of Pacific Rubiales (TSX:PRE) in Bogotá and said there is an effort to stigmatize the industry.
Parex Resources (TSX:PXT) says its production has grown to a historic level during the 1Q14 and announced the acquisition of Verano Energy, part of a plan to consolidate its operations in the Southern Llanos basin.
Canacol Energy (TSX:CNE) reported its fiscal year third quarter 2014 results which included operational and financial gains bright enough for the company to accelerate its investments in drilling programs for Colombia.
Ecopetrol’s (NYSE:EC) president Javier Gutiérrez attended an event in Neiva, Huila to showcase the advances that the NOC has made in the southern region of the country, highlighting production and the return for the local community.
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