The earnings statement of Ecopetrol (NYSE:EC) confirmed that the Asian market and Far East is now well installed as the prime receiving market for Colombian crude, and the Ministry of Mines and Energy says the trend is true for the mining industry as well.
Our list of corporate social responsibility projects (CSR) over the last two weeks has been dominated by Ecopetrol (NYSE:EC), who has made a splash in local press through a series of different initiatives and projects. A cynic would say, “it must be an election year”, an optimist, “good job”.
The much anticipated and debated future of the Rubiales field appears to have a day of reckoning ahead, with local press saying a decision will be made in June on the future of its production contract, currently operated by Pacific Rubiales Energy (TSX:PRE).
President Juan Manuel Santos visited Villavicencio, Meta, delivered the environmental permit approved by the National Environmental Licensing Authority (ANLA) last week and promised support for the Llanos Refinery for Meta’s capital.
Ecopetrol’s (NYSE:EC) president Javier Gutiérrez attended an event in Neiva, Huila to showcase the advances that the NOC has made in the southern region of the country, highlighting production and the return for the local community.
Colombia’ lower house held a debate on the progress of the Barrancabermeja Refinery, which the local mayor says is close to getting an official start after prolonged delays. The matter will be brought up in an Ecopetrol (NYSE:EC) board meeting in June.
Ecopetrol (NYSE:EC) officials said during its first quarter 2014 conference call that crews working on the Caño Lion-Coveñas pipeline should have it running five days after starting work, and gave estimates as how many barrels of crude it loses everyday due to attacks.
Ecopetrol (NYSE:EC) confirmed that the operational reality on the ground is cutting into its production abilities, which has coupled with increased costs and lower oil prices for a rough first quarter 2014 for the NOC.
The government has received substantial political pressure to lower fuel prices, but Ecopetrol (NYSE:EC) says it will continue to produce fuels despite a price that cuts into their margins and in turn, their ability to invest.
In Orito, Putumayo a group of around 100 community leaders, activists and organizers met with Ecopetrol (NYSE:EC) to discuss the alleged contamination of local rivers and streams, but considered the NOC’s explanations insufficient.
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