Ecopetrol (NYSE:EC) and Pemex recently signed a document to study joint ventures in E&P, and now executives of both NOCs signed an agreement that allows the joint development of mature fields, enhanced recovery technologies and offshore exploration.
The most difficult years seem to be over. The industry is preparing to reactive investments And Ecopetrol (NYSE: EC) is not the exception. The company has defined a strategy to increase its reserves.
Ecopetrol (NYSE: EC) announced that it will distribute dividends to its shareholders this year. The company exceeded analysts’ estimates. The good results left the financial market calm despite the oil crisis.
Ecopetrol (NYSE: EC) made public its financial results for 2016. The company notes that it did well despite the difficult circumstances. The NOC exceeded its production target and presented positive financial results.
Ecopetrol (NYSE: EC) begins the year with several challenges to face and overcome. The company expects to start recovering after two difficult years. With an oil price above US$50, prospects are more optimistic.
The crude price fall caused large reductions in budgets and investments worldwide. Oil firms are beginning to recover from this period and so they are investing again. The increase in Ecopetrol’s investment budget is the highest in the world.
The enhanced oil recovery strategy to increase production in the country and fields profitability is being successful. Ecopetrol (NYSE: ECP) has announced that several projects are going well.
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.
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