MinMinas reported that November 2018 oil production was 883 mbd. The last time the figure was in the 880’s was June 2016 when it was 888 mbd. Gas production was also up substantially in the month.
The low levels of oil and gas reserves have generated concerns in Colombia and the lack of exploratory activity has increased these worries. María Fernanda Suarez, Minister of Mines and Energy (MinMinas) spoke about the government’s plans for the industry and its future.
Oil prices have decreased considerably in recent months, generating concerns in the sector. The Organization of Petroleum Producing Countries (OPEC) agreed to reduce its production to counteract this situation, which could benefit the country.
Frontera Energy (TSX: FEC) announced its full year 2019 plan and guidance information. The company recalled that Colombia is key for its plans. The Board of Directors announced dividend to be paid in January 2019.
The oil sector continues to insist on the development of unconventional projects in Colombia to increase oil and gas production and reserves in the medium and long term. Francisco José Lloreda, President of the Colombian Petroleum Association (ACP) spoke on this subject and other relevant issues for the industry.
The Vice Minister of Mines and Energy (MinMinas), Carolina Rojas, took the stage of the VIII Canada – Colombia Forum to talk about royalties, communities and the mining industry. We attended so our Bottom-Line goes beyond the MinMinas press releases.
The firm spoke about its plans in Colombia and Chile, forecasting a production growth.
Amerisur Resources announced a new strategic alliance with Occidental Andina LLC, an affiliate of Occidental Petroleum Corporation to develop key exploration blocks in Colombia. The companies announced big investments in Colombia for the coming years.
Luis Miguel Morelli, President of the National Hydrocarbons Agency (ANH), spoke about the Norte de Santander potential for natural gas in an event on ‘Challenges for Regional Competitiveness’ in Cúcuta.
The National Administrative Department of Statistics (DANE) reported the industrial production of the country in September, with a good performance compared to last year. In addition, the entity reported imports from the country.
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