The scandal surrounding the Cartagena Refinery (Reficar) might have fallen to a secondary status, but continues to make headlines. A Senate hearing last month, accusations of environmental damage and a full audit by the General Controller’s office have all taken shape over recent weeks.
Ecopetrol’s (NYSE:EC) export distribution in 1Q16 showed a big shift to the US, the Gulf Coast in particular, and away from the Far East, which had been a strategic market for the NOC.
Ecopetrol (NYSE:EC) is set to receive the Cusiana field from Equion on July 4th, and is in talks with the local community to identify social priorities which are aligned with the project.
Ecopetrol (NYSE:EC) has signed an agreement with communities which affected its production in Chichimene, in the Acacías and Castilla la Nueva Municipalities, but reports show a willful criminal activity behind the protests, which could flare up again.
Juan Carlos Echeverry, Ecopetrol’s (NYSE:E) president, said in an interview that the NOC has been going through a deep cultural change prompted by the fall in oil prices. Local hiring, community relations, the ability to “sacrifice barrels” and environmental matters are some of the areas affected.
Ecopetrol is working “intensely” to prepare for the reversion of the Rubiales field from Pacific E&P, as well as the Cusiana field from Equión. Workers currently at the Rubiales field say they are confident the NOC will hire them under the new contract.
Ecopetrol (NYSE:EC) has started executing an exploratory campaign using a Vibroseis truck in three different municipalities in the Caquetá department, and promised both work and investment for the local population.
While the political clamor to modernize the Barrancabermeja Refinery continues, the facilities reported a net profit of CoP$238B (US$77.7M) in the first quarter of 2016, which represents a 360% improvement over the same period in 2015.
A dispute with a corporation of community action committees (JACs) in Acacías has led to blockades, threats against workers and even fuel filled bottles being thrown at Ecopetrol’s (NYSE:EC) drilling equipment which is destined for the Chichimene field.
Ecopetrol (NYSE:EC) announced a national campaign which looks to recognize projects which are leading the way in innovation and competitiveness in issues that directly affect oil producing regions. This and other stories related to Corporate Social Responsibility in our periodic summary.