The crude price fall caused large reductions in budgets and investments worldwide. Oil firms are beginning to recover from this period and so they are investing again. The increase in Ecopetrol’s investment budget is the highest in the world.
The enhanced oil recovery strategy to increase production in the country and fields profitability is being successful. Ecopetrol (NYSE: ECP) has announced that several projects are going well.
Tito Salcedo Díaz, general manager of BioD, described the main guidelines that the sector must follow to find its place at the global table.
Cases of royalties’ mismanagement have increased in the country putting 10,000 projects in state of vulnerability, but the High Court is taking measures against corruption cases and already condemned three former officials in Meta, and the OCAD said there are 84 projects ready in the country. The development of these and other stories in our periodic summary.
Gran tierra Energy (TSX: GTE) announced its financial and operating results 2016. The oil company highlighted the increase in production and successful strategic acquisitions in Ecopetrol 2016 bidding round in the Putumayo basin.
Workers who are members of USO are protesting against their working conditions. The authorities intervened to calm the situation. Protesters reported aggression against them. Ecopetrol denounced the USO for damaging infrastructure.
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