The Ministry of Mines and Energy Germán Arce says that the government has maintained its goal of one million barrels of crude per day, despite the industry’s challenges and falling output, and said investors need clear signs and consistency in the oil industry.
Parex Resources (TSX:PXT) said that its 1Q2016 production grew 8% year-over-year to 28,900boed, and that oil prices are reaching a point where it can consider increasing its 2016 Capex spending.
Equion Energy president María Victoria Riaño credited cost cutting measures and efficiencies for helping maintain the company’s financial performance and production, allowing it to beat the expectations of its two shareholders Ecopetrol (NYSE:EC) and Repsol (MSE:REP) and deliver dividends worth US$190M in 2015.
The fall in prices and a drying market for exploration-related services have hit small service firms particularly hard. But it is the high burden of taxes that could deliver the fatal blow.
Geopark (NYSE:GPRK) said that its production grew 15% in the first quarter of 2016 to reach 22,518boed compared to the previous year, but its revenues suffered from discounts to global prices in Colombia.
The back and forth accusations continue between Pacific E&P management and a group of minority shareholders after the company accepted a restructuring offer from Catalyst Capital, but a new offer from EIG Global Energy Partners has emerged at the last minute.
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