The crude oil production decline in 2Q16 – which continued in July – was a surprise for some observers (including us unfortunately). We know the reason is the lack of development drilling which is letting natural declines dominate production.
Looking to end a surge of strikes in Putumayo, the Ministry of Environment (MinAmbiente) said it will lead in creating an “inter-institutional committee” for the department. The ministry said it was to deal with “inadequate hydrocarbons practices,” but its statement talked exclusively about illicit crop eradication.
Leadership of the USO met with the Labor Minister Clara López and urged the official to step in as a mediator between the national government, the union and Ecopetrol (NYSE:EC) management, ahead of a possible union strike in October.
Ecopetrol (NYSE:EC)’s plans to auction off non-strategic assets in a special bidding round has received interest from a total of 138 suitors, as the NOC looks to sell off around 20 of its smaller and mature fields and blocks.
Ecopetrol’s (NYSE:EC) president Juan Carlos Echeverry rejected the motives for a planned strike by the USO oil workers in October and said it is a reckless move considering the state of the oil industry.
During the first half of 2016, crude exports from Colombia to the United states increased by 82,000bd, to reach a total of 520,000bd. This amounts to a 18.72% increase compared to the same period last year.
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