Ecopetrol (NYSE:EC) held a shareholders meeting in Medellín and said that it would strengthen its exploration activities abroad, setting an investment goal per year of US$1.25B on average, destined for the Gulf of Mexico, Peru, Brazil and Colombia’s offshore blocks.
The Minister of Mines and Energy Tomás González said the government has agreed to link the natural gas price for the Caribbean coast to the WTI crude oil price index and to start infrastructure work to connect the region. Meanwhile the Colombian Petroleum Association (ACP) blasted the pricing modifications as a change of the rules, and questioned what would happen when WTI rises again.
A Casanare tribunal declared a recent public hearing a failure after community leaders from the village of Tesoro Buby in Aguazul rejected a proposal from Perenco on the grounds it does not address all of their claims. The company said the proposal exceeds its responsibility.
As part of its deal with business sectors of the Caribbean coast, the Ministry of Mines and Energy (MinMinas) is moving forward with plans to hold a tender to build a gas pipeline that will connect the Atlantic coast.
The Colombian country manager of Gas Natural Fenosa, González Santos, said that the supply of natural gas is assured and the matter is “not so complicated”, but the country must be ready to import gas when the hydro-electric grid is short on water.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said in a recent interview that the NOC’s cost cutting measures have been effective and its profits have fallen less than the global average due to the fall in oil prices. Even if the price of crude falls to US$30/barrel, and he says he will pray it does not, the company would remain profitable.
2026, Hydrocarbons Colombia, All Rights Reserved.
