Parex reported preliminary production numbers for 4Q12 of 12,800bd. That represents a nearly 18% increase over the third quarter. December average production was 13,550bd so there would be high hopes for 1Q13. We had previously written that one of the company’s challenges was growing new fields faster than the Kona field was declining. Although this press release provided no field-level detail, it certainly appears that Parex accomplished this in aggregate.
Suroco has operating and exploration interests in Colombia’s Putumayo basin. According to a company press release, they exited December with production at 1,400bd compared to an average December production of 1,271bd. This can be compared to September’s figure of 1,231bd and 3Q12’s figure of 1,111bd.
Alan Jara, Governor of Meta, told El Espectador more about the refinery that will begin construction this year in Meta. According Jara, the project is expected to be completed in late 2015. The refinery construction is in charge of the Llaso Company, managed by Ricardo Rodriguez. Llaso emerged from the partnership between the U.S. Company Solver Structural Partnership and Petroleos del Llano, created by the Government of the Meta in 2012.
As we recently reported, this year the diesel fuel may have only 50ppm sulfur, however according to national business paper Portafolio, Tomás González, Deputy Minister of Energy says this measure cost Ecopetrol more than a CoP$1T that went into expanding the production capacity of the Barrancabermeja refinery and associated transport logistics. Gonzalez added that it is important to improve engine performance and reduce exhaust emissions, as required by the Air Quality Law.
Ecopetrol – the state-owned oil company and the only company with significant R&D investment, receives five new patents. From an Ecopetrol press release, translated and with commentary by Hydrocarbons Colombia.
As a result of heavy rains, part of a pipeline near the village of Dosquebradas, collapsed, broke open causing a fire that killed several people and injured more. On about the one-year anniversary, Ecopetrol has issued a press release. Translated and with commentary by Hydrocarbons Colombia.
According to a press release reported by national business newspaper Portafolio, Hidrospill is a Colombian company specialized in preventing oil accidents and related contingency actions. To enter the Central American and U.S.market it created a partnership with the American company IMO. In recent years Hidrospill has grown steadily at almost 130% annually and operates in Ecuador and Peru.
On the same day that the company announced buying 75% of Alvopetro S.A., a company with operations and tight oil opportunities in Brazil, Petrominerales made a wide ranging announcement of operations, finance and exploration plans for 2013.
Ecopetrol had its last board meeting of the year on Sunday December 16th which approved the capital expenditure (CAPEX) budget for 2013. The company will invest over US$9.5B or about the equivalent of a quarter’s worth of revenue across all its varied businesses. The ‘mother ship’ will get about 70% of all CAPEX although this varies considerably across the various business units. We found it surprising that investments outside Colombia will get 11% of total Exploration and Production investment (US$654M) even though today, these represent only about 1% of current production.
Gran Tierra announced its capital expenditures (CAPEX) Budget for 2013 will be US$363M of which US$295M will be spent on drilling and seismic activities. Colombia will receive US$224M or 62% of the total. The company will spend US$67M on Brazil but may spend more if initial onshore exploration results prove positive. Its production guidance for 2013 is 20,000bd net of working interest and royalties, which would be about 33% more than 3Q12.
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