Pacific Rubiales (TSX:PRE) is worth only 11% of its value at its peak, and according to an analyst report must take quick decisive action to persevere into the future. But even with prompt action, looming obstacles remain.
While it might not receive the attention as dramatic explosive attacks on pipelines, cable robberies are enough for Ecopetrol (NYSE:EC) to lose nearly 25,000 barrels of oil in 2015 alone. The number of incidents doubled in the last year.
Another account has emerged of an oil services company that has had to file for bankruptcy reorganization, a trend which continues to flog the local industry.
Ecoperol’s (NYSE:EC) current president of the board of directors Gonzalo Restrepo López has stepped aside to join the negotiating team in Havana, with its only independent member Luis Fernando Ramírez taking up his role.
An offhand comment the other day by a multinational oil company got us thinking once again about the difference between E&P companies that are top-of-mind because they have a lot of production and companies that are top-of-mind because they are responsible for a lot of operations.
Odin Petroil, which owns a biofuels refinery in Santa Marta, Magdalena is going through a restructuring process, and now has two competing offers to consider for use of the refinery including a recent one from Brazilian NOC Petrobras (NYSE:PBR).
With three months under his belt as Ecopetrol (NYSE:EC) president Juan Carlos Echverry has started leaving his mark on the structure of the NOC as it looks to fulfill its new strategy through 2020, but structural challenges remain strong.
Pacific Rubiales Energy (TSX:PRE) CEO Ronald Pantin says that the company is on solid financial standing and will be able to pay its long term debts and grow production, despite the collapse of the offer by investment groups Alfa and Harbour Energy.
The Minister of Mines and Energy Tomás González says that regardless of who owns Pacific Rubiales (TSX:PRE), the field must be operated properly and responsibly.
The expansion of the Sincelejo to Cartagena gas pipeline being planned by distributor Promigas has received its environmental license, allowing it to grow its capacity from 60mmcfpd to 165mmcfpd
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