The international oil price scenario might be grim, but Ecopetrol has some good news to celebrate as its Chichimene Field reached a new daily production record. But in the current price scenario, how important will this milestone be?
Ecopetrol (NYSE:EC) has offered an overview of operations at the Barrancabermeja Refinery, which it says is one of its most important industrial complexes, but did not mention any expansion plans.
Ecopetrol (NYSE:EC) says that it has successfully sent the first shipment of heavy crude to the Coveñas port using a new butane diluent designed to replace imported naphtha, a technique the NOC says could save it US$70M a year.
Parex Resources (TSX:PXT) has revised its 2015 capital spending plan and cut planned investments to US$145-155M from US$300M as a result of falling oil prices. But the firm says it still expects annual production growth of 18% for the new year.
Ecopetrol (NYSE:EC) says that the company is still weighing its options regarding unonventional production in the Middle Magdalena Valley, and that it has yet to present a request for the environmental license to proceed with E&P projects.
Gran Tierra Energy (TSX:GTE) has announced a US$310M Capex program for 2015, with a US$156M spending program for Colombia, as the company says it remains flexible to an uncertain price scenario.
Ecopetrol says its board of directors has approved a US$7.86B Capex plan for 2015. The investment looks to keep production up while focusing on cutting costs, and is a 26% drop in spending compared to 2014. Exploration and unconventional activities took the biggest hit.
A survey of experts and managers involved in Corporate Social Responsibility (CSR) programs said that Ecopetrol (NYSE:EC) is both the most visible proponent of CSR, and also the most respected.
The pending decision on the future of the Rubiales Field, still Colombia’s largest producer, is running out of time. But while the political decision and momentum to return the field to full Ecopetrol (NYSE:EC) control looks clear, the technical requirements of the aging field are not so cut and dry.
Ecopetrol’s (NYSE:EC) board of directors met last Friday (December 12) and confirmed the rumors: Javier Gutiérrez will step down as president of the NOC.
2026, Hydrocarbons Colombia, All Rights Reserved.
