The USO claims that Ecopetrol (NYSE:EC) has been misleading the value and potential of its assets so it can justify privatizing them, pointing out that multinationals have taken over fields with poor production and managed to improve them.
This is the second and final part of an article we published last week with the same title (1). Peace certainly looks closer now than it has for decades. That does not diminish the challenge as this article from Intelligence Petrolera’s Carlos Goedder points out.
At the ACP conference in mid-October, Ecopetrol President Juan Carlos Echeverry said peace was the most important success factor for the oil and gas industry.
President Juan Manuel Santos was on hand to receive the first shipment of crude destined for the modernized Cartagena Refinery (Reficar), with full capacity expected for the first half of next year.
A bit of spin is to be expected when government officials address strategic projects, but Minister of Finance Mauricio Cárdenas took it to a surprising level and asserted that the Cartagena Refinery really did not have overruns, rather its high cost was the fault of Glencore’s poor estimations in 2006.
The Farc claimed that despite a preliminary agreement, its unilateral cease fire and a halt of bombings from the military, the army’s constant operations against it have moved it to suspend its political and cultural courses.