The resignation letter of former Minister of Mines and Energy (MinMinas) Tomás González has made it to the national press, and in it he defends his work and policies to President Juan Manuel Santos, despite a “perfect storm” of problems which arose in his tenure. No mention of the Inspector General’s investigation.
Ecopetrol (NYSE:EC) published its results this week and that allows us to update our analysis of the NOC by Line-of-Business (LOB). By now it should not be a surprise that the Transport division is ‘carrying the load’ for other, weaker LOBs.
We had been saying that a number of the ANH’s recent initiatives were more likely to produce gas rather than crude oil.
Geopark (NYSE:GPK) reported production gains in its consolidated operation and in Colombia, which now accounts for 67% of its production, but saw a strong drop in revenues and posted a loss for 2015 due to the oil price.
The USO said that a meeting with Barrancabermeja and Santander Departmental authorities was successful and that the coalition has agreed to a program to force Ecopetrol (NYSE:EC) and the government to review the modernization of the city’s refinery.
The Ministry of Mines and Energy published a draft of its 2016 strategic plan in February for comments, and the hydrocarbons industry’s priorities were meager at the very best. A new minister means an opportunity to address the agenda but we think oil and gas may be even further down their priority list than it was for Tomás González.
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