Ecopetrol (NYSE:EC) has announced its 2017 investment plan which falls in line with its 2020 business plan and designates a new focus of the US$3.5B in spending on production and exploration projects.
The USO held 36 hours of continued protests in strategic points affecting Ecopetrol’s (NYSE:EC) crude transportation, and forced the NOC to extend the period to review its collective bargaining agreement by another week and add new items to the discussion.
We thought Ecopetrol (NYSE:EC) should have had a better 3Q16. This was the first full quarter of the reversion of Rubiales field and the NOC picked up the production that Pacific (TSX:PEN) used to get. Production did go up but not by much.
Ecopetrol (NYSE:EC) defended its contribution and legacy in Huila after entering operation in the region in November 1994, in what appears to be an attempt to counter criticism from the USO workers union over the sale of smaller fields.
Ecopetrol’s (NYSE:EC) project manager for the CPO-9 exploration project, Edward Rivero, insisted to the Meta Departmental assembly that the NOC has all of its permits and papers in order, and that despite a campaign to misinform the population, it will not harm the environment exploring the block.
Despite loud opposition from the USO oil workers union, the VP of Ecopetrol’s (NYSE:EC) southern region, Carlos Hernando Candela, confirmed that the NOC will divest of four oil and gas fields in Huila.
The president of Ecopetrol (NYSE:EC) Juan Carlos Echeverry said that Colombians are facing a “trilemma” and must decide whether to leave oil in the subsoil or convert it into resources which can be used for well-being and peace.
Ecopetrol (NYSE:EC) third quarter 2016 oil and gas production showed a slight dip causing revenues to fall, and the firm said higher taxes cut into its profit. The firm expects to counteract falling production by new drilling, and has its sights set on exploration for 2017.
Ecopetrol (NYSE:EC) has reported a considerable rise in robberies from its installations and oil infrastructure in Casanare, including the theft of cables, batteries, piping and metallic items, with the incident count up by 200% in 2016.
Ecopetrol (NYSE:EC) will apply a polymer flooding technique developed by its Colombian Petroleum Institute (ICP) to the Chichimene field in Meta, to improve the extraction of heavy crude and increase its secondary recovery rate.
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