Industry Associations have called for the implementation of fracking to avoid self-sufficiency issues. However, this alternative is still a cause for concern among different sectors of the Colombian society.
The Colombian government is committed to increasing industry operations in hopes to increase existing reserves. The National Hydrocarbons Agency (ANH) announced authorities’ reserves goal and further plans to achieve them.
Frontera Energy Corporation (TSX: FEC) announced its second quarter 2019 operational update. Colombia’s production decreased in 2Q19 compared to previous quarter, while the firm’s drilling campaign is advancing satisfactorily.
When you talk to those in the industry, they are generally upbeat about how things are going in both the short and medium term. Unless you are Ocensa. Then things are going badly. Very badly. Horribly in fact. At least, that is what it tells the regulator.
We might not always agree with the government’s Mining and Energy Planning Unit (UPME) but it is the authoritative source of long-term production forecasts. Recently it updated its production scenarios through 2038.
Gran Tierra Energy (TSX: GTE) announced an operational update for the second quarter of this year, to date. The company highlighted advances in the Acordionero field and positive results in Colombia’s most recent oil round.
The Extractive Industries Transparency Initiative (EITI), a global standard that promotes the open and responsible management of oil, gas and mineral resources worldwide, gave an award to the Colombian extractive sector.