Ecopetrol (NYSE: EC) announced its fourth quarter and full-year 2017 results. The firm highlighted that net income was the highest of the past four years. The NOC’s reported margins are at their highest in the past two years.
Minister of Mines and Energy (MinMinas), Germán Arce, spoke about terrorist attacks on Coveñas-Caño Limon (CCL), acts of vandalism against Ecopetrol’s (NYSE: EC) infrastructure, and the controversies surrounding unconventional projects.
Ecopetrol (NYSE: ECP) announced its investment budget for social and environmental projects in 2017. The company highlighted that most projects will be carried out this year, benefiting the development of communities and regions in the country.
Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2017. The NOC managed to report positive results despite social problems, attacks on its infrastructure and low prices during the past year.Ryder Scott Company and De Golyer & Mac Naughton audited the majority of reserves (99%).
The president of the National Hydrocarbons Agency (ANH), Orlando Velandia, spoke about oil prices, production targets and other industry metrics for this year.
Ecopetrol’s (NYSE: EC) export distribution is changing, but the United States remains as the principal destination of Colombian crude. The company said that exports decreased as the Cartagena refinery is using more oil.
According to the CEO, this year started with a bitter sweet feeling for the industry; better international prices, but attacks against oil infrastructure. He also said that fracking is a good option to increase reserves.
The Ministry of Mines and Energy (MinMinas) reported annual oil and gas production figures in the country for 2017. The entity highlighted that this metric is above the target for the medium-term, but it decreased compared to 2016.
La Cira Infantas is the oldest oil field in the country and is located in the department of Santander. This important facility reported a new production record recently.
NOC representatives spoke about the firm’s plans for this year regarding E&P.
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