The firm provided important news on its Llanos-25 Block, with results from its Acorazado-1 exploration well.
The Colombian Association of Petroleum Engineers (ACIPET), in alliance with the National Hydrocarbons Agency (ANH), Ecopetrol (NYSE: EC) and other companies, organized a forum on Enhanced Oil Recovery (EOR) in Bogotá. HCC attended the event and we bring a brief summary of the meeting.
The oil crisis affected Colombia’s public finances in recent years, but crude prices have recently recovered. This situation has returned to generate optimism in the public sector, especially for the economic benefits that this may represent.
Authorities confirmed that the Congress will discuss a Bill to modify the General System of Royalties (SGR).
Based on a reader question, we decided to look at the available data on reinjected gas. That did not turn out to be easy, at least going back in time, (See Methodological Note) but did allow us to look at some other interesting questions like solving the looming supply gap.
The department of Casanare is one of the main oil-producing regions in Colombia. The oil crisis seriously affected the economy of this region, but the department saw this situation as an opportunity.
The Ministry of Mines and Energy (MinMinas) reported oil and gas production figures for August 2018. Crude increased slightly compared to the same period of last year, and gas showed positive behavior as well.
With better oil prices, Ecopetrol (NYSE:EC) could go back to producing 1mmbl, but according to CEO Felipe Bayón, that is not the company’s priority.
The National Hydrocarbons Agency (ANH) announced several exploration drilling projects for this year, generating many expectations about its possible benefits for the country’s reserves. However, the plans have not advanced as quickly as expected.
Oil production has gone through some difficult years recently, and companies in the sector have worked to solve this situation as soon as possible. Ecopetrol (NYSE: EC) announced that two important fields reported good production metrics in 2Q18.
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