Company officials held a call to discuss the end of year 2013 results and convince the market that its continued growth over the last five years is sustainable going forward despite operational complexities.
Ecopetrol (NYSE:EC) saw its production grow 4.5% in full year 2013 to reach 788.2mboed, a number which the NOC said suffered due to transport restrictions and blockades in some communities. The company’s net income fell in the same period by 10.8% to CoP$13.35T.
Pacific Rubiales reported its 2013 Colombian 2P reserves which increased 97mmboe or 22%. The graph shows the Petrominerales acquisition was critical to this, contributing 89 of the 97mmboe.
The continued conflicts in the municipality of Acacias and Castilla La Nueva have led to blockades, riots with police and now Ecopetrol (NYSE:EC) has terminated 45 contracts associated with projects in the area.
The Arbitration Tribunal of Bogotá’s Chamber of Commerce sided with Ecopetrol in a prolonged dispute over the formula used to figure payments received from Pacific Rubiales (TSX:PRE) in the Quifa field.
Venezuela’s Minister of Oil and Mining Rafael Ramírez says he is certain that Venezuela will stop buying natural gas from Colombia in August of this year and is nearly ready to start sending gas to Colombia as had been previously agreed.
Pacific Rubiales Energy (TSX:PRE) will increase its purchases of goods and services in in 2014 to US$5B, a US$1B increase over 2013 as it looks to meet exploration and production goals for the year.
Gran Tierra (TSX:GTE) had teased us with an announcement about its reserve additions in Peru but this week both it and Parex (TSX:PXT) published their full reports on reserves, including detail on Colombia in the case of GTE.
Recently Ecopetrol (NYSE:EC) gave its annual purchasing strategy presentation to its accredited providers. The chart shows a pie chart of all purchases as well as a breakdown of the Oil Services category.
Oil producer Equion says it expects net oil production in 2014 to increase slightly to 27,900bd in 2014, compared to 27,000bd in 2013, and addressed accusations that seismic exploration is affecting the environment in Casanare.
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