Ecopetrol (NYSE: EC) announced a cut in the budget of its investment plan for 2017. The firm did not give many details about this decision.
The National Planning Department (DNP) announced that there are almost CoP$12T accumulated in royalties budget all over Colombia, but departments have already started to present projects in different areas to the Collegiate Bodies for Administration and Decision (OCAD.)
America’s Hupecol asked for more than CoP$83B as compensation for the abrupt cancellation of the license it had in the Sierra de La Macarena.
The offshore industry is preparing to start operations in Colombia and local authorities in Cartagena announced that a gas exploration platform is ready to start working in the country. There are high expectations in the cities of the Colombian coast about the offshore sector’s benefits.
Ecopetrol (NYSE: EC) announced its second quarter and first half 2017 results. The firm highlighted that net income reported for 1H17 was higher than net income of the whole year 2016. The NOC reduced its nominal debt in 2Q17 and its exploratory campaign is enjoying a high success rate.
The government showed its commitment to comply with the Paris Agreement and increase eco-friendly initiatives in Colombia, but oil spills in Nariño and Magdalena were a cause for concern among the locals.
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