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PDVSA profits dropped slightly in 2012

PDVSA profits dropped slightly in 2012

Rafael Ramírez, president of Petroleos de Venezuela (PDVSA) said the company made net profit of US$4.2B last year, down from the US$4.5B reached in 2011. PDVSA’s total revenues in 2012 were US$124.5B while in 2011 they totaled US$124.7B. Business magazine America Economia reports Ramirez saying: “We have a difference that I think is not very important, US$200M (…) in a similar environment.”

Wednesday, March 27th, 2013
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Ecopetrol takes measures to prevent attacks against its infrastructure

As reported by the Colombian news media, during the General Assembly, Javier Gutiérrez, President of Ecopetrol, said that because of the 109 attacks against the oil infrastructure of the company, last year nearly 9,559bd were lost, of which 6,000bd correspond to Ecopetrol. For this reason, since last year the company added new monitoring technology, strengthened the inspection and maintenance procedures for pipelines and transportation systems. He added: “We are investing to anticipate such attacks and maintain transport infrastructure integrity, for which we are spending US$359M.” Gutierrez said that Ecopetrol invested US$5.3M to strengthen contingency plans, drills and inform about 1,350 communities.

Monday, March 25th, 2013
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MinMinas wants to strengthen the gas sector.

Last week was the natural gas industry association’s annual conference and he minister’s speech is a much anticipated event. MinMinas Renjifo did not disappoint the crowd with the breadth of his speech but we understand the content has the industry concerned over certain points. From a MinMinas press release, translated and with commentary by Hydrocarbons Colombia.

Monday, March 25th, 2013
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All the players now in place after government personnel shifts

Maybe he took vacation or maybe these things just take time. The changes were announced weeks ago and the former head of the ANH, Orlando Cabrales, has already made a few speeches in his new capacity as Vice-Minister of Energy. The new head just took possession last week and has made no public comments. From a MinMinas press release, translated and with commentary by Hydrocarbons Colombia.

Monday, March 25th, 2013
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Inefficient use of resources to promote gas use

Portafolio reported that during the XVI Naturgas Congress, the superintendent of Domestic Public Services, César González Muñoz, said the management of the Gas Development Fee Fund budget has been inefficient, because the US$30.5M (77% of total approved projects) invested between 2007 and 2012 benefited only 54,601 of the 78,823 users the government expected to benefit.

Monday, March 25th, 2013
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Reficar and Oxy edge closer to strikes

The USO reports this week that workers at Reficar and with Oxy are getting closer to strikes, the union says because local management refuses to talk. In the Reficar case, the USO claims that executives from Bogota have contacted the union but Reficar management will not set up the mechanisms to start negotiating. In the case of Oxy workers in Arauca, the union has presented demands but the company will not budge.

Monday, March 25th, 2013
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