Looking back a year, production for Pacific Rubiales grew 38% to reach 127,555boed, sequentially flat compared to the 127,889boed produced in the 1Q13. Profits in the quarter were US$57.6M, a 74.3% drop compared to last year and a 52.7% drop compared to 1Q13.
We picked up a story a few weeks ago that dead chigüiros had been found in an open tank at a Casanare installation belonging to Parex. A chigüiro is a rodent about the size of a dog or a small pig, indigenous to Colombia’s Llanos. We spoke to Parex to get their side of the story.
Gran Tierra Energy raised its daily production estimates on increased yields from the Costayaco field in Colombia and sustained production from its Moqueta well where it discovered a new oil column earlier this year. Colombia continues to provide the majority of its daily production.
Pacfic Rubiales says it is fully behind the work of the Tracking Committee of Royalty Investment (CSIR) as it works to audit and identify the use of royalties generated by oil producers.
Two US based investment firms last week announced the purchase of Vetra, a Colombian oil for an unreleased sum and a local newspaper claims it has the story behind the sale for the 8,243 bd oil and gas producer.
Last week Petrominerales published its 2Q13 and while there was some good news from Brazil and new heavy oil finds, the overall production picture continued its decline. The company produces only about half the crude it did at the beginning of 2011.
Heavy crude production increased, but lower prices and higher costs from its spinoff of transportation services cut into Ecopetrol’s profits in the second quarter of 2013 although it held production to last year’s level, growing 2.1%.
Talisman Energy says that production in Colombia met production targets for the second quarter of 2013, but is facing delays due to community issues and “surface access issues”.
Ecopetrol says that in the first half of 2013 more than 37,000 people worked on job sites and projects of the NOC each month through associated contractors. While they didn’t provide any comparison figures, the company did say local labor was used to fill 72% of these positions.
Pacific Rubiales CEO Ronald Pantin says that recent changes to simplify environmental licenses will improve its timelines for the environmental permit process in Colombia, which in the short term will lead to approval of a license to operate the CPE-6 block in the Llanos basin.
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