The USO continues to celebrate the reversion of the Rubiales and now the Cusiana fields to Ecopetrol (NYSE:EC), calling it “a party for all Colombians”, and also scored a win with the Labor Ministry on refinery work shifts.
As we write this the Rubiales field is hours away from being reverted to Ecopetrol (NYSE:EC), marking the end of an era for Pacific E&P. Starting at 12am on Friday, July 1, the NOC will be tasked with taking the field over, and plans to start a new drilling effort to maintain its declining production level.
The first UN observers have arrived to Colombia to oversee the eventual laying down of arms and confirm the bilateral cease fire between the Farc and the government, as the process continues forward following last week’s agreement.
By enacting a peace agreement, Colombia will have an opportunity to develop the knowledge of its subsoil to visualize opportunities and threats, said the Minister of Mines and Energy (MinMinas) Germán Arce.
The Colombian Chamber of Oil Goods and Services (Campetrol) expects that the oil sector’s Foreign Direct Investment (FDI) will drop 42% in 2016 to US$4.72B, and has bleak perspectives through 2020 if key policy issues are not addressed.
GasNatural gas market research firm Concentra said that the end of the El Niño weather phenomenon has led to a surplus of gas in the market, and a 7% fall compared to April 2016, with 991Gbtud consumption on average.
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