News and AnalysIs for

Colombia is optimistic about increasing its production offshore. Ecopetrol (NYSE: EC) announced that it will start drilling an offshore well in the second quarter of this year. The NOC becomes the first Colombian oil-company to carry out an offshore hydrocarbon project on its own.

The Colombian Petroleum Association (ACP) hopes to see a rebound in the sector in 2017 after concluding a negative year in 2016 which saw a steep fall in prices, lower production, investment and exploration.

The National Hydrocarbons Agency (ANH) expects oil price improvements to give a boost to exploration activities in 2017, and that in Colombia there will be more than 40 exploratory wells next year.

Still dealing with stubborn opposition for trying to bring legitimate economic activity to the same time-zone as Caño Cristales and some of the country’s best coca-growing areas, Hocol released a statement to the press on its project in San Juan de Arama.

Even with its environmental licenses approved and delivered, Hocol is facing stiff resistance from communities in La Macarena, Meta which accuse the firm of downplaying its project and putting water resources at risk.

As the Brent oil price pushed above US$53 on Thursday, there is hope that 2017 will see a recovery of exploration and drilling activity.

A report issued by the Colombian Petroleum Association (ACP) showed that between January and June, only nine exploration wells have been drilled, with one in the process of construction. This amounts to 27.2% of the industry’s goal for the year, which had been set at 33 wells.

A public hearing in the Pesca Municipality of Boyacá for a seismic campaign by Maurel & Prom has again received strong community resistance after local leaders and environmentalists allege it would lead to a drought.

Controversy over ConocoPhillips (NYSE:COP) project in Cesár has brought unconventional technologies back into the press limelight and the balance has not been positive.

The Colombian Oil Engineer Association (ACIPET) said that focusing on the established resources and potential exploration projects must also include an effort to better inform communities and counter misinformation being given about oil activities.