Ecopetrol’s (NYSE:EC) board of directors have added three new members which have been designated to replace Roberto Steiner, Jorge Pinzón and Gustavo Carvajal.
The Cartagena Refinery (Reficar) will not start to show profits until 2017, 18 months following the operational launch of the facility, and something similar is expected for Ecopetrol’s (NYSE:EC) Bioenergy biofuels plant as well.
Ecopetrol (NYSE:EC) President Juan Carlos Echeverry said that gas production in Colombia must address the coming “valley of death”, the period between the decline of current producing fields and the entry of production from Caribbean offshore.
Ecopetrol (NYSE:EC) has been weathering a rocky sea since the fall of oil prices, but four specific problems will have to be sorted out over the coming weeks for the NOC to press on with its operation.
Ecopetrol (NYSE:EC)’s plans to auction off non-strategic assets in a special bidding round has received interest from a total of 138 suitors, as the NOC looks to sell off around 20 of its smaller and mature fields and blocks.
Ecopetrol’s (NYSE:EC) president Juan Carlos Echeverry rejected the motives for a planned strike by the USO oil workers in October and said it is a reckless move considering the state of the oil industry.
Ecopetrol (NYSE:EC) said that an average of 20,300 people worked on its projects in the first half of 2016 through its network of contractors, and up to 87% of these workers were local hires. This and other Corporate Social Responsibility (CSR) stories in our periodic roundup.
The Finance Minister Mauricio Cárdenas said he has a “shock plan” ready for Ecopetrol (NYSE:EC) which is designed to increase production by 25,000bd and improve the country’s macroeconomic benchmarks.
After a hearing ordered by the municipal council of Simacota, Santander, Ecopetrol (NYSE:EC) and Parex Resources (TSX:PXT) have clarified that the participation agreement and nearby project does not involve any unconventional techniques like fracking
The challenge for Ecopetrol (NYSE:EC) over the last year and a half under Juan Carlos Echeverry has been to guarantee its cash flow, cut costs and maintain disciplined in its spending, but now the firm can turn the page and start to focus on production.
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