Concerns in the private sector are growing because of recent popular referendums against mining and oil projects in the country. Several municipalities have announced their intention to carry out popular consultations that could affect the development of the mining and oil sector.
There are many offshore projects to develop in the Caribbean Sea and it has attracted the attention of many cities to invite companies to their territories. Oil firms are already starting to choose where to set up their facilities.
Ecopetrol (NYSE: EC) wants to start recovering the reserves lost because of the oil crisis and low exploration in recent years. The company has high expectations for two wells.
There is optimism about the sector’s performance this year. Oil companies announced good financial and operational resultsduring 1Q17, and Colombian authorities hope to see better results in coming quarters.
Fifteen municipalities located in Bolivar and in 10 municipalities of Córdoba, were identified as potential oil producing areas.
The Colombian Association of Oil Engineers (Acipet) organized a breakfast to give the press “objective, technical and clear information about Hydraulic Stimulation in producingrockreservoirs in Colombia”. HCC was present at the event; we bring a brief summary of the meeting.
Juan Manuel Santos, President of Colombia and German Arce Zapata, MinMinas, visited the Siluro-1 well drilled by Repsol (MSE: REP). They highlighted their commitment to the offshore industry in Colombia.
The sector has announced several gas discoveries in the Caribbean Sea in recent months. Colombia wants to seize the offshore opportunities but it also wants to be ready for the challenges that this represents.
Ecopetrol (NYSE:EC) announced “the largest gas discovery found in the last 28 years in Colombian territory,” but the announcement just might be larger than the importance of the discovery itself.
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