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.
Industry and Community Action Board (JAC) representatives met in Puerto Gaitán to discuss social issues and CSR projects. The local Municipal Administration said “yes to oil, but with responsibility.”
Illegal actions against Ecopetrol (NYSE: EC) infrastructure remain a major headache for the NOC. The company denounced a new violent incident at its facilities in the department of Meta.
Monthly oil production this year has been consistently lower than that of 2016. The two usual explanations are ELN attacks on the Coveñas / Caño Limón (CCL) pipeline and the general malaise of the industry driven mostly by lower oil prices.
The boom in anti-oil and mining referendums is generating a lot of uncertainty with companies and investors. Juan Manuel Santos, President of Colombia, spoke about this issue (for the first time in a while) in a business meeting.
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