Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2016, declaring yet another a decrease this time compared to 2015. The Reserves Life Index (RLI), as expected, also fell. Ryder Scott Company and DeGolyer & MacNaughton audited the majority of reserves (99%).
Ecopetrol (NYSE:EC) was ranked 454 among the 500 most valuable brands in the world in 2017. This is three positions above last year’s rank, where the NOC was number 457 in international Brand Finance’s classification.
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.
Juan Carlos Echeverry, CEO of Ecopetrol, released some results of the “transformation plan” to address low oil prices. This program started two years ago and its results are very positive in a very short time.
The NOC wants to achieve 715mbd in production, as well as increase exploration in Colombia and Mexico, where last year the Warrior discovery took place.
Ecopetrol (NYSE: EC) has been strengthening its transport business in recent years. The Colombian company has great plans for this corporate area since it has become one of the most profitable.
BioEnergy ended 2016 with good news: they had produced their first liter of ethanol in 10 years, after the construction of the Alcaraván plant in Puerto López, Meta. However, the General Comptroller announced that the plant is an unfeasible project.
After the report presented by the Office of the General Comptroller on CBI and Reficar’s contracts, there are “more questions than answers.” According to the Colombian press there would be a loss to the nation of CoP$8.5T, but the presumed cost overruns should be examined in detail.
Now a larger problem than attacks on pipelines or facilities, the illegal drug and mining trade and groups linked to the ELN guerrilla which steal crude using illegal valves has become one of Ecopetrol’s (NYSE:EC) primary concerns, and the activity also damages the ecosystem.
The USO said that by appointing Luis Guillermo Vélez Atehortúa as head of Ecopetrol’s health administration, Juan Carlos Echeverry made a ‘tactical’ move to begin to diminish the guarantees of the 70.000 users of the health system, embodied in the collective labor agreement.
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