Ecopetrol (NYSE:EC) has confirmed that it has fired up its industrial services units at the Cartagena Refinery (Reficar), another step towards a full operational launch of the long-delayed project.
A combination of low oil price and attacks on oil infrastructure around the Tibú Municipality in Norte de Santander has led to accusations of mass closures by Ecopetrol that have affected around 1000 workers.
Yet another question from a subscriber on how Colombian E&P companies have reacted to the decline in oil prices. The answer for CAPEX is ‘fairly dramatically’ except perhaps for the NOC. And as the car-miles/gallon disclaimer says “Results may vary”.
As the Cartagena Refinery (Reficar) shows signs of operational life after a long delayed modernization project and appears ready to launch, the USO has started to voice its “reservations” on the project, its operators and alleged health consequences for workers.
Ecopetrol is following the lead of other producers in Latin America and OPEC members by importing light crude from Nigeria and Russia to mix with its heavy crude production and fetch a better international price, fostered by a shrinking gap between the Brent and WTI prices.
The legislative bill containing the constitutional reforms to facilitate the Havana agreements on peace passed their first debate in one session, but its main critics in the Centro Democrático party abstained, leading to confrontations with supporters of the bill.
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