The benefits of peace on Ecopetrol’s (NYSE:EC) financial results, and in turn the fiscal take, are numerous; from the value of oil deferred or spilled due to attacks, repair costs of pipelines and production from areas where the conflict has prevented greater E&P activity.
The process to clear the way for Ecopetrol (NYSE:EC) to start commercial production work for its CPO-09 block is slowly moving forward, while challenges persist for heavy crude production and its potential in Colombia.
Ecopetrol (NYSE:EC) environment chief for Middle Magdalena and Catatumbo Julia Celina Angulo Díaz said that the NOC will be recognized by the United Nations Development Program in December for its social work in the region.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says the NOC is learning to reverse a trend of “thinking fast and acting slow”, and that its main strategy to improve its results in the short term is in improving the recovery factor. Exploration is for production of the future.
Ecopetrol (NYSE:EC) published a look a back on the 2,572 attacks on its oil infrastructure between 1986 and 2015 by the guerrilla, and gave a small glimpse into some of its impact.
Ecopetrol (NYSE:EC) and Occidental (NYSE:OXY) have reached an agreement that looks to improve the La Cira Infantas field recovery factor from its current 17% to 30%, an alliance which they say ratifies the commitment and trust of the firms in the future of Colombia’s hydrocarbons industry.
Ecopetrol’s (NYSE:EC) proven reserves could feel the impact of the fall in oil prices when they are updated next year, since some of its projects and gains from more costly secondary recovery techniques could be discounted as they would no longer be profitable.
After much local fanfare to call for a modernization of the Barrancabermeja Refinery, Ecopetrol (NYSE:EC) reaffirmed that it would enact projects in stages to improve the facilities.
Municipal authorities of Arauca are alleging that Ecopetrol (NYSE:EC) has been favored in local zoning ordinances, which they say were designed to let the NOC continue with its expansion of Caño Limon facilities.
Ecopetrol (NYSE:EC) is confronting a tough period that will require a refocused strategy and a more efficient and profitable operation, and there is speculation as to who will run this plan alongside the NOC president Juan Carlos Echeverry.
2025, Hydrocarbons Colombia, All Rights Reserved.
