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Long Form Reports

Is there really scope to use “all” the gas?

Is there really scope to use “all” the gas?

And would it make a difference? MinEnergia Andres Camacho said that all gas produced should go to an end consumer suggesting they would audit fields to ensure no gas was “wasted” and thereby address the national shortfall. Is this really a solution? We looked at the data.

Monday, October 28th, 2024
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Summit and anti-summit

At the beginning of October, the oil and gas industry held its annual three-day summit, this time in Cartagena. Overlapping slightly, the Petro government also held a three-day summit called Feria de las Economias para la Vida (Economies for Life Fair) or FEV. The President and the Minister of Energy at least seemed to position it as the opposite of the Oil and Gas Summit.

Monday, October 21st, 2024
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Ecopetrol’s stock tanks

Ecopetrol’s stock tanks

The press has been chattering about Ecopetrol’s stock price for most of the third quarter. The ADRs were US$12.67 on June 24th (the last ex-dividend date) and closed last Friday at US$8.74 down 31%. The Colombian government, Ecopetrol’s 88% owner, seems unconcerned.

Monday, October 14th, 2024
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Peace Summary: Fish and chip paper

The ELN process is suspended! No wait. We reported that last month. But this month, Petro confirmed it. He’s given up on them. Still old news. The process with the Segunda Marquetalia almost fell off the rails but the two sides will meet now in Cuba. Didn’t we say that before? Maybe. Or something similar. The Clan? No change? Mordisco? Still blowing things up? Calarca? Not clear.  Yesterday’s news.

Monday, October 7th, 2024
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The ACP’s Frank Pearl on a Colombian energy transition

Frank Pearl, president of the Colombian Oil and Gas Association (ACP), stands on the front lines of the industry’s relationship with the fervently anti-oil government of President Gustavo Petro. Pearl had just passed his one-year anniversary and Petro his second, so recently, I dropped by the ACP’s offices for a visit. I asked Frank where he saw the industry and where the association was going.

Sunday, September 29th, 2024
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The loneliest number

The loneliest number

Its late September and most companies have started their planning processes for 2025. By November or December management teams will present their CAPEX budgets and performance targets for approval. For oil-focused E&Ps – and everyone else as well probably – most of the debate will be about the price of Brent.

Sunday, September 22nd, 2024
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Modification to the Environmental Penalty Regime: uncertainty regarding its application

A few weeks ago, we attended a meeting of the Colombo-Canadian Chamber of Commerce’s Mining and Energy Committee, which was held in the offices of Dentons Cardenas & Cardenas. The topic concerned changes to Colombia’s environmental sanctioning law and while the industry hopes never to have to confront a sanctionable situation, it is important to understand the penalties and how they might be assessed. We asked Maria Margarita Lorduy, Head of the Environmental Law Department at Dentons Cardenas & Cardenas to provide our readers with a brief overview.

Sunday, September 15th, 2024
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Maintaining stability in operating results

Maintaining stability in operating results

Ecopetrol’s Net Income decline in 2Q24 attracted much negative commentary. While we worry about the NOC’s medium and long term performance, this was not a great quarter for anyone from a Net Income perspective while operating results were as expected.

Monday, September 9th, 2024
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It’s all over but the crying… at least for now

The government hasn’t scheduled the funeral but the ELN process died this month, even if only unofficially. The autopsy is pending and resurrection is not out of the question, but for now, the corpse is lying in the front room waiting for somebody to do something with it. Fighting has restarted. As we begin the third year of President Gustavo Petro’s “Total Peace” initiative, everyone, including the government, wonders about a change of strategy.

Monday, September 2nd, 2024
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ECP’s LoB results for 2Q24: It’s still Downstream’s fault

ECP’s LoB results for 2Q24: It’s still Downstream’s fault

On the first day of Shareholder Stewardship 101, the professor reminds everyone that different investors measure performance differently. One group of shareholders prioritizes short-term performance, long-term performance concerns others, and dividend flow to others. We know that Colombian President Gustavo Petro never attended that class but Ecopetrol Ricardo Roa seems to have missed it as well.

Monday, August 26th, 2024
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