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.
In the absence of an agreement between mining firms Drummond and Cerrejón over methane gas and coal reserves in La Guajira, the government has said it will step in and impose a decision to break the ongoing deadlock over how to extract the resources which share the same block.
Colombian Senator Maritza Martínez Aristizábal has tightened her message on the Pacific Rubiales and Ecopetrol relationship, and requested that Ecopetrol assume control of the Rubiales oil field.
National radio station W radio announced that Omega Energy Colombia has bought the assets of Russian oil giant Lukoil. The assets consist of the Condor association contract in the Llanos basin, foothills area. Lukoil had 70% of the contract in partnership with Ecopetrol. The estimated reserves are 6.09M boe but nothing has been produced since 2007 (3,700 boe for the year).
National business newspaper Portafolio reports that in 2013, the National Hydrocarbons Agency (ANH) will invest US$153.4M in subsurface studies in many areas of the country. The ANH will do this investment with the purpose of provide subsurface information to prospective investors, since in 2012 Round some companies chose not to invest in certain areas due to lack of geological knowledge.
The contract for the Achapo area was signed with the company Canacol Energy Colombia SA on October 31, 2012. The contract authorizes Canacol for hydrocarbons exploration and production in a 5.057 m2 area of the Caguán Putumayo basin. The expected investment is US$7.8M total investment.
The Colombian press and congress is stirred up about the lost hydrocarbons potential of the territory that disappeared in the redrawing of the Colombia-Nicaraguan maritime border (see map by Hydrocarbons Colombia). Nicaragua adds fuel to the fire by publicly rubbing its hands with glee over the prospect of auctioning the zones to deep pocketed oil companies. That may indeed happen – although we think PDVSA will end up with them – but we do not believe this represents lost reserves, production or money to Colombia.
According to Minminas, Federico Renjifo, the search for oil continues near Buenaventura (Valle del Cauca), off the Pacific coast of Colombia. For Renjifo it is important to study the area, which is virtually unexplored.After a poor performance for these blocks in the 2012 Round he is certainly right.