National business magazine Dinero reported that despite the country achieved an average production of 1,011,992 bpd; the priority now is to find oil reserves. Reserves in Colombia are of 2.259M barrels, which virtually allow a production for four or five years; however, according Amylkar Acosta, member of the board of Ecopetrol: “On average, in the world, the relationship between production and reserves is for a horizon of 10 years. But in Colombia, in 2012, that equation has declined for the fourth consecutive year, as production increases faster than the amount of reserves.
As business newspaper La Republica reported, the Panamanian company Petro Rubiales Corp., a subsidiary of Pacific Rubiales, acquired the majority of shares (50,19%) of the also Panamanian company, Pacific Infrastructure Inc. Petro Rubiales Corp. invested a total of US$2,207,802.85 for 2,324,003 shares at a value of US$ 0,95 each. Thus, Pacific Rubiales gained control over Pacific Infrastructure Inc.
The coffee-growers strike has inspired the truck-drivers’ union to declare a strike and block key north-south routes. Colombia’s refinery capacity is all in the north and yet there is significant population and demand in the south. The Ministry of Mines and Energy (MME), has coordinated fuel transportation alternatives supported by the Colombian Air Force (FAC), to supply the regions that have been affected by road blocks in the south.
Ecopetrol has invested in the Ventures contest which encourages entrepreneurship and innovation. The contest spans a wide range of economic activities but Ecopetrol has chosen to invest in the Education and Culture component for the past two years. The connection with the oil and gas is secondary but the cause is worthy. From an Ecopetrol press release, translated and with commentary by Hydrocarbons Colombia.
This Ecopetrol press release details the company’s local procurement activities by region. Local procurement has become an issue because the communities in which oil and gas companies operate have lost line of sight to the benefits having hydrocarbons activity in the vicinity. The costs – like roads clogged with tanker trucks – are readily apparent but since the reform of the royalties distribution system, only local procurement is a sure route to jobs. Translated and with commentary by Hydrocarbons Colombia.