The Colombian Chamber of Goods and Services (Campetrol) reported its drill rig information for February 2018. This metric increased compared to January figures, breaking a negative trend that started in December last year.
The Ministry of Mines and Energy (MinMinas) announced that it gave ‘the green light’ to the tax incentive that seeks to stimulate oil and mining activities in the country; the Certificate of Tax Reimbursement (CERT).
Colombia continues to discuss the possibility of implementing unconventional techniques to guarantee energy self-sufficiency in the long term. Vice Minister of Energy, Rutty Paola Ortiz, spoke about advances in this regulation.
USO Arauca announced that it started the defense of the Collective Labor Agreement that is allegedly being jeopardized by Occidental de Colombia.
Ecopetrol (NYSE:EC) is unique among Colombia-focused operators for many reasons but one is that it is the country’s only integrated oil company, lacking just retail distribution for it to cover the entire value chain. Luckily, the NOC publishes results by Line of Business (LoB) that allow us to understand what is happening below the top-line.
This past week, ANH head Orlando Velandia reiterated 900 mbd as his 2018 target for crude oil production. Unfortunately, February production also came out this week and that was only 823 mbd. Recently, I came across an article we wrote just over a year ago (late January 2017) and we seem to be in exactly the same spot we were then.
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