News and AnalysIs for

Parex Resources (TSX: PXT) announced its first quarter 2019 operational update. Its production started the year on the right foot in 1Q19 and the firm showed its confidence about the performance of metric for coming quarters.

The industry, headed by the Colombian Petroleum Association (ACP) and Ecopetrol (NYSE:EC), attended the second work meeting with President Iván Duque and his team.

The Colombian Chamber of Goods and Services (Campetrol) reported its drill rig information for March 2019. This metric remained stable compared to the previous month, and the Chamber showed its optimism for a possible increase of this important metric in the coming months.

The Ministry of Mines and Energy (MinMinas) reported oil and gas production figures for March 2019. Crude and natural gas production increased during the third month of this year compared to the previous year.

The Colombian government wants to reactivate the production and reserve metrics of the oil sector in Colombia. The National Hydrocarbons Agency (ANH) is analyzing alternatives to increase production in several oil fields.

The Colombian oil sector has started 2019 with good news in terms of alliances, new contracts and now production. The Colombian Petroleum Association (ACP) said that oil production in the country is growing, surpassing neighboring countries such as Venezuela.

Not only Ecopetrol (NYSE:EC), but ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE: COP) want to develop fracking pilot projects in Colombia.

The oil sector has been announcing agreements and alliances in recent weeks with the aim of reactivating the exploratory activity in the country. Ecopetrol (NYSE: EC) and Repsol (MSE: REP) will develop a new offshore project in the Caribean coast.

The implementation of unconventional techniques such as fracking has been one of the main discussion topics in the oil sector this year. Orlando Cabrales Segovia, President of the Colombian Natural Gas Association (Naturgas), spoke about this issue and about the proposal to carry out pilot projects in the country.

The National Hydrocarbons Agency (ANH) announced an agreement between Shell (LON: RDSB) and Noble Energy to operate offshore blocks in the Caribbean Sea. Representatives of the companies and the ANH talked about this important arrangement.