With an estimated drop of 50% in 2015, budgets for exploration activities are feeling a strong pinch from the low international oil prices, bringing long term issues for Colombia’s oil industry.
Ecopetrol (NYSE:EC) has offered an overview of operations at the Barrancabermeja Refinery, which it says is one of its most important industrial complexes, but did not mention any expansion plans.
Ecopetrol and Hocol have paved stretchs of highway in Meta and Casanare, while in Yopal the local government is requiring escorts for heavy vehicles to reduce accidents. Pacific Rubiales (TSX:PRE) and community members avoided a blockade after police intervened in Casanare. These and other stories in our periodic coverage of road issues related to the oil industry.
Ecopetrol (NYSE:EC) says that it has successfully sent the first shipment of heavy crude to the Coveñas port using a new butane diluent designed to replace imported naphtha, a technique the NOC says could save it US$70M a year.
Parex Resources (TSX:PXT) has revised its 2015 capital spending plan and cut planned investments to US$145-155M from US$300M as a result of falling oil prices. But the firm says it still expects annual production growth of 18% for the new year.
Ecopetrol (NYSE:EC) has been busy showcasing its Corporate Social Responsibility (CSR) achievements to local media outlets across the country. From water treatment facilities to training, we take a look at these programs in our periodic summary of CSR related news.
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