After a delay of at least a year for the sale of the 57.6% share that the government has in electrical energy generator Isagén, the idea of floating more of its control of Ecopetrol (NYSE:EC) on the public market to pay for infrastructure investments has resurfaced.
Ecopetrol’s (NYSE:EC) Chichimene field has reached a new production record of 66,029bd, and the firm expects water injection and secondary recovery programs to grow that number to 100,000bd by the end of 2015.
Ecopetrol (NYSE:EC) says that contracts managed by the firm in the first half of 2014 reached CoP$10T (US$5.22B), putting it in line with contracting during 2013, when the NOC’s total contract pool valued COP$20B. The NOC said that 92% was performed with national suppliers.
To keep up with demand for asphalt destined for highway improvements, a firm has proposed a modernization of Ecopetrol’s (NYSE:EC) aging Apiay Refinery in Meta, which the NOC had consider shuttering.
Ecopetrol (NYSE:EC) was responsible for more than half of the research and development projects certified by state innovation and research agency Colciencias to obtain tax benefits in 2013.
Ecopetrol (NYSE:EC) says violence and terrorist attacks in Catatumbo have forced it to move its office in the Convención municipality, despite the pleas of residents to stay.
Ecopetrol (NYSE:ECP) released its second quarter 2014 financial results last week on Thursday evening (July 31) and blamed a complex security situation and community blockades for a drop in production. Meanwhile on its earnings call on Tuesday (August 5) market analysts questioned the company’s plans to boost production in its top fields.
After a long awaited meeting of Ecopetrol’s (NYSE:EC) board of directors to discuss the use of Pacific Rubiales’s STAR secondary recovery technology, the companies issued a somber news release that says the pilot in Quifa will not continue. It would appear that the technology’s prospects are null for the Rubiales field, although neither are saying that yet.
Another postponed decision and conflicting reports on the performance of Pacific Rubiales’ (TSX:PRE) secondary recovery technology Star have shrouded the project, which is the operator’s main bet for its namesake Rubiales field, in uncertainty.
Ecopetrol (NYSE:EC) and four unions that fill its ranks have started the process to reach a new collective bargaining agreement. The last one was in place from 2009-2014 and Ecopetrol is optimistic that an agreement can be reached during direct talks.
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