Ecopetrol says that it has tapped Fernán Ignacio Bejarano Arias, who has worked with a number of public entities and boards, as its new legal vice president.
Ecopetrol (NYSE:EC) announced an 11% reduction in its 1P reserves of crude and natural gas in 2015, confirming a reserves/production ratio of 7.4 years.
Ecopetrol (NYSE:EC) has received permission from the National Hydrocarbons Agency (ANH) to suspend the Akacías field in the CPO-9 block in Meta, the second such shut in it has announced in as many weeks.
The renovation of Ecopetrol’s (NYSE:EC) management team is now complete, following the arrival of Juan Carlos Echeverry last year and the shuffling of the 22 upper management positions.
Communities in the area of influence of Ecopetrol (NYSE:EC) warn that the NOC is nearly their only strategic partner, paying for roads, infrastructure and social programs, and so they face an uncertain future as the NOC slashes its costs.
The controversy surrounding overruns in the modernization of the Cartagena Refinery (Reficar) is not the only issue facing Ecopetrol (NYSE:EC) with potential to cause a public stir. The sale of petrochemical firm Propilco, despite Reficar synergies, and another problematic refinery project at Bioenergy are also present.
The controversy surrounding the Cartagena Refinery (Reficar) has caused a moment of rare consensus across the political spectrum in Colombia’s congress: From the opposition bank of Senator Alvaro Uribe to the left leaning Polo Democratico and those between, all want to see a special session to grill those involved in the project.
Development wells may be dropping but large companies with mature fields are turning to ‘intelligent wells’ to maintain production and reserves.
Ecopetrol (NYSE:EC) says that the fall in oil prices has forced it to suspend wells temporarily in the Caño Sur field, in Puerto Gaitán, Meta. A local operations manager said it has already filed the request with the National Hydrocarbons Agency (ANH).
Local authorities, unión leaders and sympathetic lawmakers have convened to call on the national government to declare a state of economic emergency in Barrancabermeja and to write a strategic Conpes document, looking at Ecopetrol (NYSE:EC) to compensate for canceling its plan to modernize the local refinery.
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