The bottom-line for a company are its profits and/or stock market performance. But we try to take a policy perspective so our bottom-line is production and reserves. Both were rather naturally affected by the oil-price crisis and so, maybe, “nobody’s fault”. The current industry question is how fast things have reacted to upward price signals and whether policy plays a role in that. Call it the U-curve.
Parex (TSX: PXT) announced its financial and operating results for the second quarter of 2018. The firm reported oil production growth and good financial performance. Parex is optimistic about its performance in coming quarters.
The development of unconventional projects is one of the main alternatives to resolve concerns about oil self-sufficiency in the long term in Colombia. However, this has generated much controversy over the use of techniques such as fracking and Colombian politicians are discussing this issue.
Frontera Energy (TSX: FEC) announced its financial and operating results for 2Q2018. The company reported advances in its drilling program but production decreased. As reported earlier, the firm highlighted the end of some transportation agreements.
Colombia is looking for alternatives to improve its production and reserves metrics and the Enhanced Oil Recovery (EOR) technique is one of the main strategies to achieve it. Ecopetrol (NYSE: EC) is implementing EOR in its fields with good results.
The Congress must decide what will happen with the bill that seeks to ban fracking in Colombia. Carlos Andrés Santiago, promoter of the project, spoke on the matter.
Colombia has made a bet for the development of the offshore industry in the Caribbean region. The National Association of Entrepreneurs (ANDI) made some recommendations for the incoming president on this issue.
Felipe Bayón, CEO of Ecopetrol (NYSE: EC), spoke about relevant issues to the sector such as investment, fuels, unconventional resources, and reserves, among others.
Canacol Energy (TSX: CNE) wants to be the main gas producer in Colombia, selling its oil blocks to achieve it. However, the company will maintain some areas with potential of unconventional resources. Charle Gamba, CEO of CNE, spoke about the firm’s plans in these projects.
According to the head of the National Hydrocarbons Agency (ANH), Orlando Velandia, the country is preparing changes to its bidding process, aiming to increase investment and find new reserves.
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