Canadian Pacific Rubiales Energy (NYSE:PRE) has proposed that it deploy Synchronized Thermal Additional Recovery (STAR) in the Rubiales field to boost its current production and hand off current primary production to Ecopetrol (NYSE:EC) once the current production contract expires in 2016.
Canada’s Pacific Rubiales Energy (PRE:TSX) will invest USD$1B in infrastructure over the next year through its subsidiary Pacific Infrastructure, in projects that include a port, pipeline and train facilities.
Ecopetrol looks to grow its gas production to between 195-260 KBPDE by 2020, depending on how much the industry is able to harness off-shore and unconventional reserves. Production in 2012 reached 119 KBPDE and should grow to 127 KBPDE in 2013.
Ecopetrol’s president Javier Gutiérrez says that the NOC’s refining business is already operating at a lost in some cases and a drop in the final price between CoP$1000-2000 would mean losses for the company around US$1.75B.
The oil producer GeoPark says it will invest CoP$200M into a road safety program for the general public and drivers working in local, regional and national transportation programs. To date the program has trained 500 people, 300 of them who work as drivers.
Ecopetrol’s president Javier Gutiérrez said this week that the NOC continues to evaluate fundamentals to decide if it will extend or not the concession of the Rubiales field with Canada’s Pacific Rubiales Energy past its current expiration date in 2016.
Oil producer Equion says that a strike of workers expanding its Early Production Facilities (EPF) at its Floreña well could mean losing 3,000 barrels of oil a day from daily production next year if not resolved.
The average royalty rate in Colombia is 16% but the graph shows considerable variation between the leading producers.
In order to reduce transportation costs Pacific Rubiales is mulling the purchase of a light oil producer in Colombia, as it could mix the lighter crude with its heavier product making it apt for pipeline transport and lower costs.
Canadian oil producer Parex, posted strong gains in daily production and reserves in the 2Q13, while revenues and profits fell. The company is confident its position and growth in Colombia will continue.
2025, Hydrocarbons Colombia, All Rights Reserved.
