Ecopetrol (NYSE:EC) has been hit hard by guerrilla attacks, a poor discovery record and now the fall in oil prices. But it is a similar fate for other Latin American NOCs, if not worse. Petrobras (NYSE:PBR) has been rocked by corruption scandals and Pemex’s ability to function in a privatized market is questionable as the oil price slide cuts into its budget. Let us not even mention PDVSA.
January production provided better than expected results as the number of attacks on infrastructure dropped, while the Colombian Petroleum Association (ACP) sent out a warning on natural gas policies and their long term consequences.
The Colombian Petroleum Association (ACP) took up the issue of natural gas, warning that there will be a deficit on the order of 190mmcf as soon as 2018, and that changing the regulations due to political controversy will only deter investment in exploration.
Ecopetrol (NYSE:EC) outgoing president Javier Gutiérrez says that the NOC saw the price slide coming, and that the company is in good standing to endure even worse conditions.
Ecopetrol (NYSE:EC) says that it has exceeded expectations to reduce its CO2 emissions in 2014, Gran Tierra Energy (TSX:GTE) shares its reforestation experiences in Mexico and illegal refineries are blamed for contaminating rivers in Nariño. These and other environmental stories in our periodic summary.
Pacific Rubiales (TSX:PRE) CEO Ronald Pantin struck back at rumors that the Company was in danger of not fulfilling its financial obligations and that it is in good standing to continue operating even with a low price of oil.
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