Early on in the Talisman 3Q12 results conference call, new Talisman CEO, Hal Kvisle, said that he would be visiting Bogota within a month. Given earlier statements he had made about exiting non-core assets and an announcement that the company would be leaving Peru, we wondered if his visit was for a goodbye party. We were very pleasantly surprised to hear the opposite.
Canadian services firm Zedi Inc has selected PetroTiger, a Colombian oil services firm with operations in Colombia, Ecuador, Argentina, Mexico and Panama, to resell its services.
This is the first time that Zedi has authorized an international reseller.
Yesterday a prominent Colombian congressman, Simon Gaviria went on a national radio program and made a statement (which he attributed to the Finance Minister) about Pacific Rubiales that – if true – would have had a significant impact on the company’s future performance. We will not repeat it so we are not even accidentally responsible for continuing a rumor which is patently false./
We have been collecting financial and operational data on the companies with significant production in Colombia. Our database goes back to 2009 and so far covers nine companies in depth. The seven in the chart are sufficiently mature for us to estimate their average Operating Income for the last year. Economic theory says that larger companies in terms of revenue should have better margins if only because they can spread their fixed costs over a bigger base. Sometimes larger companies lose this advantage by being bloated and inefficient.
Ecopetrol and Chevron will upgrade the compression facilities at the Chuchupa field to increase its daily gas production. For this, the field will be off-line from October 30th to November 3rd. More maintenance will take place at the end of the month. From an Ecopetrol press release, translated and with commentary by Hydrocarbons Colombia.
During the National Hydrocarbons Agency (ANH) conference in Cartagena last week, Ecopetrol and the China National Petroleum Corporation (CNPC) signed an agreement to develop exploration and production opportunities both in Colombia and other countries. Here is an Ecopetrol press release on the agreement, translated and with commentary by Hydrocarbons Colombia.
Just before the National Hydrocarbons Agency conference, Canacol announces it is purchasing Shona Energy for a mixture of cash and shares.
In a press release, C&C Energia updated its Colombian operations. Highlights include:
October 10, 2012
In a press release, Shona Energy reports a deal to sell 17 MMCFD of gas to Altenesol’s Nataly I liquefied natural gas (“LNG”) Project. The deal is subject to agreement on price which will be in the range of $4.50 to $5.25 per MCF and subject to annual escalation. The eventual agreement will be “take or pay” on both sides.
Source: MinEducation, Hydrocarbons Colombia
October 11, 2012
For the second straight year, petroleum engineers lead the Ministry of Education’s annual survey of outgoing graduates. The study looks at 2010 graduates and how they fared in 2011, whether they had a job, whether their education served them in their work and how much they were paid. The above chart shows that petroleum engineers were closely followed by geologists which shows how important mining and hydrocarbons are to Colombian growth. The two groups were nearly tied in starting salary — 31% higher than the third-ranked profession. They were nearly tied as well in success at finding a job: only about 5% failed to get a job in their first year.
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