National business magazine Portafolio reported that Enrique Velasquez, Ecopetrol Exploration VP, said that, while in 2010 the company’s oil, condensate and natural gas reserves were 1714 Mboe, in 2011 they totaled 1857 Mboe, an 8.3% increase. In 2011, the reserve replacement ratio was 164%. However, it is important to note that 2011 reserves report did not include the two previous years’ findings. Velasquez said that these reserves will be enough for 8.4 years.
On November 22 Reyes Reinoso Yánez, a chemical engineer from Venezuela, took over as president (e) of the Cartagena refinery (Reficar). Reinoso took office after Orlando Cabrales Martínez quit for personal reasons.
The Family Welfare Branch of the National Army (JEFAM) and Ecopetrol launched “Plan Padrino”. This plan seeks to provide support to soldiers wounded in pipeline areas in the following departments: Santander, Arauca, Magdalena, Nariño y Putumayo.
El Colombiano reports that last October (2012) Ecopetrol’s shares were the fourth most widely traded in the Integrated Latin American Market (MILA), which integrates the equity markets of Chile, Colombia and Peru. The total value of Ecopetrol shares traded during October was approximately US$445M. In Toronto, the stock closed the month up over US$1.50 although the day before the initial phase of the 2012 Round of auctions it had been up over US$4.00.
Federico Renjifo was an Ecopetrol board member before he was appointed Minister of Mines and Energy at the beginning of September. He is still a board member as MinMinas but that opened his existing seat to another candidate. Ecopetrol has called a special general assembly for December 6, 2012. So far the only agenda item is election of the missing board member and the company proposes Jorge Pinzón Sánchez of the law firm Opebsa.
National business newspaper La Republica reported that Ecopetrol says that despite the attacks of 17 November to Transandino pipeline, management expects to meet its goal of producing around 780,000 bpd on average by the end of this year. Note that this figure is likely production before royalties (see our November Monthly Report). We estimate it is the equivalent of about 655,200 bpd as usually measured (Net of Working Interest and Royalties).
The following is a list of the 12 patents that Ecopetrol has obtained so far in 2012. Seven of these patents have been granted in Colombia, two in Russia and 3 in Mexico:
MILA (Integrated Latin American Market) is the alliance between the stock exchanges of Colombia, Peru and Chile. Of the 861 companies that are part of MILA (Integrated Latin American Market) Ecopetrol is the only Colombian company that reached the international standard for corporate transparency.
As reported by La República, Ecopetrol estimates that by the end of 2012 it will have invested CoP$951,000M at its refinery in Barrancabermeja (Santander). The investment has been earmarked for equipment replacement, maintenance and inspections. Thus Ecopetrol has ensured the operation of turbo generators, power lines, substations, boilers and other major operating systems within the refinery.
Equion – a joint venture between Ecopetrol and Talisman – reports the presence of dry gas in the Mapale-1 well. From an Ecopetrol Press Release in English with commentary by Hydrocarbons Colombia.
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