A corruption scandal involving a pair of US former PetroTiger executives who paid an now ex-Ecopetrol (NYSE:EC) engineer more than US$300,000 to win a nearly US$50M contract has rattled Colombia’s oil industry, and the Ministry of Mines and Energy (MinMinas) issued a thorough release in which it establishes the engineer was working as a rogue and that the NOC is another victim.
Talisman Energy (NYSE:TLM) is planning to invest US$300M in its operations in Colombia, with an eye on developing identified reserves in the Llanos Orientales CPO-9 and CPE-6 blocks.
Canada’s Pacific Rubiales Energy (TSX:PRE) looked to convince the market that it has a bright future past the looming decline of its flagship and namesake field, Rubiales, and has a plan to cash in on its mid-stream assets to convince a skeptical equity market.
If Ecopetrol (NYSE: EC) brought CAPEX back home, Pacific Rubiales (TSX: PRE) did the opposite, raising exploration investment outside Colombia by 67%.
Ecopetrol’s board recently approved the company’s CAPEX budget as we reported yesterday in an article that focused on the Refining and Petrochemical business. Today we step back to look at the panorama.
Ecopetrol (NYSE:EC) announced its Capex plan for 2014, with the NOC focusing nearly all of its US$10.6B within Colombia and its wholly owned projects as the firm looks to keep production levels in line with government goals in an election year.
Ecopetrol (NYSE:EC) and Talisman announce commercial viability in CPO-09 block, which will add 35 million barrels of reserves and marks the second addition by the NOC in as many weeks.
Pacific Rubiales Energy (TSX:PRE) says it has finished and launched an electrical transmission line that runs from the hydro-electrical center in Chivor, Boyacá to its flagship field Rubiales in Meta, which it says will save US$100M in operational costs annually.
Ecopetrol (NYSE:EC) has declared to Colombia’s National Hydrocarbons Agency the commercial viability of the Eastern Caño Sur block, adding 22.4 million barrels of 1P reserves.
Ecopetrol (NYSE:EC) awarded a group of 24 suppliers whose performance as contractors stood out as a model in 2013 in a ceremony held in Bogotá.
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