The ‘oil war’ between Russia and Saudi Arabia has Latin American producers struggling to cover their extraction costs, cutting production and delaying much needed investments.
Industry experts spoke about the difficult times that the industry is going through.
Oil production has been falling over the last three months. Analysts spoke on the matter.
The Ministry of Mines and Energy (MinEnergia) reported oil production figures for January 2020. Crude production decreased during the first month of this year compared to same period 2018.
Ecopetrol (NYSE: EC) started operating the Floreña and Pauto fields (Casanare), after the operation contracts of Equíon and BP Exploración Colombia (LON: BP) ended.
Gran Tierra Energy Inc. (TSX: GTE) announced its financial and operating results for the fourth quarter and year ended 2019. The company reported lower production compared to previous quarter.
The President of the Colombian Association of Petroleum Engineers (Acipet), Carlos Leal, spoke about the effects that the Coronavirus has had in the global and national industry.
The Deputy Minister of Mines and Energy (MinEnergia), Diego Mesa, spoke about the future of unconventional resources in the country, among others.
Ecopetrol (NYSE: EC) will announce its proven oil and gas reserves next week. Analysts made their predictions on the matter.
To date, thermal power plants consume a quarter of the total natural gas in the country.
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