News and AnalysIs for

Ecopetrol (NYSE:EC) says that it has started a two week study into the seafloor of the RC-9 offshore block in the Department of La Guajira, emphasizing that it is following the procedures required to start exploratory drilling.

Canacol’s year end is June 30^th and it recently published its Annual Information form with Canadian securities regulators. Its proven reserves grew organically 24% and the Shona purchase allowed reserves to nearly triple.

Investors who bought any of the four oil stocks listed on the Colombian stock exchange on July 2^nd would be happy but those who bought Canacol will be especially happy.

Pacific Rubiales Energy (TSX:PRE) has formed new subsidiaries that will focus on the export of natural gas from production fields in the Sucre Department.

Selling a small percentage of Ecopetrol (NYSE:EC) instead of the whole of electrical energy generator Isagén would be preferable for the government to raise money for a needed investment in infrastructure says the VP of Colombia’s Senate, Carlos Emiro Barriga.

Brazilian NOC Petrobras (NYSE:PBR) has finally confirmed the sale its Colombian subsidiary for US$380M to France’s Perenco as it continues to focus on investment in Brazil.

Canadian Pacific Rubiales Energy (NYSE:PRE) has proposed that it deploy Synchronized Thermal Additional Recovery (STAR) in the Rubiales field to boost its current production and hand off current primary production to Ecopetrol (NYSE:EC) once the current production contract expires in 2016.

Canada’s Pacific Rubiales Energy (PRE:TSX) will invest USD$1B in infrastructure over the next year through its subsidiary Pacific Infrastructure, in projects that include a port, pipeline and train facilities.

Ecopetrol looks to grow its gas production to between 195-260 KBPDE by 2020, depending on how much the industry is able to harness off-shore and unconventional reserves. Production in 2012 reached 119 KBPDE and should grow to 127 KBPDE in 2013.

Ecopetrol’s president Javier Gutiérrez says that the NOC’s refining business is already operating at a lost in some cases and a drop in the final price between CoP$1000-2000 would mean losses for the company around US$1.75B.