Ecopetrol (NYSE:EC) said that it has been able to set new records for its drilling times and costs in the Rubiales field, dropping times by 22% and costs by 20%. The NOC also highlighted the benefits the campaign has brought to local hires.
Ecopetrol (NYSE:EC) issued a report on its third quarter 2016 contractor work force, showing an average of 21,700 people working on NOC projects through outside firms, with as much as 86% of them coming from the same region as the project. This and other Corporate Social Responsibility (CSR) projects in our routine summary.
Even with its environmental licenses approved and delivered, Hocol is facing stiff resistance from communities in La Macarena, Meta which accuse the firm of downplaying its project and putting water resources at risk.
Government authorities inaugurated Colombia’s first regasification plant, El Cayao, in Cartagena, which is designed to be the backup for Colombia’s natural gas supply.
The tax reform is poised to be the dominant issue in this month as 2016, and the congressional session, winds to a halt. The oil industry has submitted its wish list, but the financial shortfalls of the government’s budget makes any landmark gains look unlikely.
Ecopetrol (NYSE:EC) 3Q16 Line of Business (LoB) results show that Refining is once again profitability challenged while E&P is getting better all the time.
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