The Colombian oil sector has had a 2019 with much positive news in terms of exploration. Some offshore blocks are going to change their contract type, and Occidental Petroleum Company (NYSE: OXY) is thought to have big plans for this segment.
As controversial as it is, fracking seems to be the most effective way Colombia has to assure its self-sufficiency. Chinese experts explain how water can be replaced by carbon dioxide (CO2) to develop this technique.
Barrancabermeja’s Mayoralty and Ecopetrol’s (NYSE:EC) management confirmed that the NOC’s plan to bring gas to the municipality’s rural areas is on its way. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
Tuesday, June 4, 2019 marks the first block assignment process since July 2014, nearly five years ago. Much has happened and oil prices – a primary determinant of investment and so participation – are still well below where they were during the last auction. Here is the announced list of qualified participants.
Ecopetrol announced its financial and operational results during the first quarter of 2019, with positive results. The company is the main player in the Colombian oil sector, but how much does its direct production represent in the total extraction of the country?
CEO Felipe Bayón confirmed that the NOC started the first phase of its fracking pilot project, and is ready to start phase two.
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