Companies are publishing their annual reserve reports and for many of them, the headline number is a combined oil and gas figure. That got us thinking about a graph which we had not done for a long time: combined oil and gas production.
Gran Tierra Energy Inc. (TSX: GTE) announced its financial and operating results for the fourth quarter and year ended 2018. The company reported a record average annual production and the firm continues to demonstrate strong financial performance.
Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2018. The NOC reported positive results despite social problems and attacks on its infrastructure. Higher oil prices played a key role to increase this metric during the past year. De Golyer & MacNaughton, Gaffney, Cline & Associates and Sproule International Limited audited the majority of reserves (99%).
In last week’s presentation by the Committee of Experts on Fracking, a great deal was made about the industry not having a ‘social license to operate’. That was a pretty broad brush, based on a small window. Just VMM and, as it turned out, maybe only a couple of communities within VMM.
The long-awaited report of the commission of experts was presented to the public Thursday afternoon. We attended. The study concluded there was much opportunity but much uncertainty so the country should run a pilot. Which is what Ecopetrol had proposed last year.