We doubt that CEO Juan Carlos Echeverry would agree with the statement in our title and it is admittedly, more than a little exaggerated for effect. But the company’s profits at least are shifting towards the hydrocarbons transportation line-of-business.
Gran Tierra Energy (TSX:GTE) issued its results for the second quarter, the first full earnings period since a new management team took the helm of the firm and redirected its strategic focus to Colombia, posting steady but flat production and a narrowed net loss.
In ten years Meta’s Puerto Gaitán, located next to the Rubiales field, went from the department’s poorest community to oil boom town, and with the price drop the bubble has apparently burst once again for the local economy.
As the Cartagena Refinery (Reficar) advances, the USO has taken aim at labor conditions and says it has formed a delegation which along with the Labor Ministry will visit the refinery to confirm its accusations.
Falling exploration activity remains one of the biggest concerns for the industry’s long term potential in Colombia, and the reduced goals set out by the National Hydrocarbons Agency (ANH) and the Colombian Petroleum Association (ACP) confirm this.
A decision to freeze royalty funds after the fall in oil prices has the Finance Ministry at odds with departmental leaders, who want the funds to move forward with regional projects.
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