Our last estimate of Colombia’s 2015 reserves and reserve life was made on March 7, 2016, before Pacific E&P (TSC:PRE) reported. We now have reports from companies representing 87% of 2014 reserves. Since these are the only companies we expect to report publicly, this is the best estimate base we are going to get.
Ecopetrol (NYSE:EC) said that its strategy to increase the efficiency of its operations, including renegotiated rates with suppliers, shortened drill times and new technology, allowed it to save CoP$1.08T (US$352M), which amounts to nearly half of its total 2015 savings.
USO VP and communications secretary Edwin Palma warned media that Ecopetrol (NYSE:EC) will cut 2000 positions across the country, and that the NOC has already issued a voluntary separation plan to workers.
The recent oil production results for February, 2016 were published without commentary by MnMinas. Perhaps it is because there is only an Acting MinMinas, Maria Lorena Gutiérrez and her role is the electrical ‘crisis’.
Too much time on my hands during the Easter break, too much Janice Joplin and too much thinking about the Constitutional Court had definitely brought me down.
The Energy Mining Planning Unit (UPME) presented its report on the natural gas sector in the recent Colombian Natural Gas Association (Naturgas) and said that reforming the transportation system is a top priority, along with improving reliability and building a regasification plant on the Pacific coast.
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