Pacific E&P posted a US$901M loss in the first quarter of 2016 and saw its production fall as well. In its earnings statement issued on May 13th, management seemed set on accepting a restructuring deal from Catalyst Capital.
The USO said that the new Labor Minister Clara López will allow for a dialogue between the ministry and the union to systematically discuss worker issues.
Editor’s Note: The Colombian Association of Petroleum Engineers (ACIPET) finds its members at the sharp end of the decline in petroleum investment, especially in exploration.
The dramatically different margins between Transport and Ecopetrol’s other Lines of Business means the profit shift continues. Although E&P and Refining represent nearly 80% of revenues, they represent less than 40% of EBITDA.
The president of the Colombian Petroleum Association (ACP) Francisco Lloreda lashed out against rising environmental and citizen protests against oil activities, which he says have become a free pass to extort and pressure the industry in Colombia.
The Meta Governor Marcela Amaya insisted that the department must shift its economic pillars away from oil and instead focus on tourism and agriculture. She formed a special committee to study employment.
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