Ecopetrol (NYSE: EC) is making decisions to boost the use of renewable energies in the country. The company might be planning a big project on this issue.
The price of the oil exported by Colombia went up to US$60 and Ecopetrol’s (NYSE: EC) share increased 24% in just a month.
The municipality announced that it will go to the courts if Ecopetrol (NYSE: EC) does not respond for the alleged debt.
Ecopetrol (NYSE: EC) announced its third quarter and year-to-date (YDT) 2017 results. The firm highlighted that YTD net income continues to increase. The NOC’s reported margins are at their highest in the past two years.
CEO Felipe Bayón explained that the NOC’s biggest challenge is to produce 600mmbbl in 2020, for which it will focus on exploration, Enhanced Oil Recovery (EOR) and unconventional resources (UC).
Ecopetrol (NYSE: EC) announced the opening of a new training center for the sector. The NOC is working together with the Colombian Chamber of Goods and Oil Services (Campetrol), Latin America Drilling Safety (Lads), OEI and the Sena (Colombia’s national vocational training institute) in this project.
Ecopetrol (NYSE: EC) and the Industrial University of Santander (UIS) are working on a molecular biology project to solve oil industry problems.
The International Energy Agency (IEA) made an important decision about Ecopetrol (NYSE: EC), benefiting the company and the country. The IEA took that decision at the annual enhanced oil recovery (EOR) meeting in the Riviera Maya, Mexico.
In recent years, Ecopetrol (NYSE: EC) has followed an austerity strategy to deal with the oil price crisis. The company committed to reactivate investment this year with heavy spending, but the firm is reducing its budget compared to initial plans.
Ecopetrol (NYSE: EC) has to deal with several problems to operate in the country such as attacks against infrastructure, oil theft, social unrest and popular referendums, among other. However, Felipe Bayón, CEO of ECP, is optimistic about the performance for this year, especially in terms of production.
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