USO celebrated the Union’s new facilities in Sabana de Torres, reiterated its member strength, and called Ecopetrol’s (NYSE:EC) CEO Juan Carlos Echeverry to answer several questions regarding the ‘Reficar scandal,’ in an assembly that will take place next week.
Ecopetrol (NYSE: EC) announced that it has found oil in the municipality of Rionegro (Santander). The company said that the well has a strategic position, suggesting more is to come.
Cajamarca is a small city of about 19,000 people, southwest of Bogotá on one of the few ‘easily’-driven mountain passes crossing the Central Cordillera.
Costs were up in 4Q16 so despite higher prices, the average crude oil netback for publicly-listed reporting companies was down slightly in the quarter.
Foreign Direct Investment (FDI) in oil sector reported an increase in 4Q16. However, these figures remain very small compared to previous years. The sector’s contribution went up in the quarter but still down on an annual basis and it is too soon to tell if this is a reversal of trend or a blip.
Prospects for this year are positive in the gas sector. Colombia will reactivate exploration especially in offshore fields. The industry will make large investments in E&P and infrastructure.
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