The sharp and precarious fall of oil prices has been felt from the Toronto Stock exchange, where most of Colombia’s operators are listed, all the way down to villages in the Colombian Llanos.
Pacific Exploration & Production (TSX:PRE) says that its Puerto Bahía port facilities in Cartagena have officially started operations.
Non-Armed Forces-reported incidents went up this week but virtually all were due to actions in the past like minefields or explosive caches and traps. Armed Forces-reported incidents were down in oil and gas-related zones.
The oil price crisis is forcing Colombian Oil Engineers to rethink staying in country or face an uncertain job market or unemployment, the Colombian Association of Oil Engineers (ACIPET) said during its annual oil & gas congress.
Issues like the lack of adequate roads and poor advancement of infrastructure safety mechanisms have caused some to consider Colombia the most expensive country for oil operations in the region.
Considering a fall of 70% and 80% in seismic work and exploratory wells and declining mature fields, Colombia’s daily production could fall as low as 750,000bd in just two years, says the executive director of Colombian Association of Oil Engineers (ACIPET), Carlos Leal.
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