In the days since the release of the General Controller’s report on the cost overruns associated with the modernization of the Cartagena Refinery (Reficar), the revelations have caused many to take to the media with their own interpretation of the events and what it means. We share some of the more notable ones.
The Chamber of Oil Goods and Services (Campetrol) has published a graph which shows the average production cost per barrel of crude of the world’s largest 20 oil producers, Colombia’s average cost is US$35.30/barrel. This makes it the seventh most expensive producer.
The Community of Latin American and Caribbean States (Celac) held its annual summit, which included a discussion on the role of the organization in the final stages of the peace process. The entity’s members will work with the UN in the verification of the transition process.
Speculation has risen in the local press that the high proportion of heavy crude in Colombia and Venezuela means that already operators are selling oil below the cost of producing it.
The General Controller has released a 200 page report on the cost overruns incurred in modernizing the Cartagena Refinery, and accused Ecopetrol (NYSE:EC) of spending US$4.02B more than the original budget.
Outspoken Casanare congressional representative Jorge Camilo Abril warned the Colombian Petroleum Associations (ACP) that since oil companies benefited for nearly 15 years from oil prices around US$100/barrel, the high profits should mean they increase their investments in hard times.
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