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.
After having cut CoP$2.8T from operating costs in 2015, Ecopetrol (NYSE:EC) announces further cuts for 2016 which are expected to save CoP$1.6T (US$0.5B).
It was already burning, and you should not blame the firefighters, said Ecopetrol president Juan Carlos Echeverry in response to questions regarding the role of current ministers and government officials in the overruns of the Cartagena Refinery. This and other stories in our update on this matter.
The director of the National Planning Department (DNP) and Ecopetrol (NYSE:EC) board member Simon Gaviria says that the NOC is preparing a dividend proposal that looks to protect its investment grade rating, and avoid being classified as a junk.
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