Ecopetrol has released its earnings report for the third quarter 2014, which showed a drop in profits for the quarter both sequentially (17.3%) and year-over-year (40.3%). The drop comes due mainly due to the drop in oil prices. The news left the Finance Minister (MinHacienda) Mauricio Cárdenas calling for the NOC to ramp up its production.
The count stayed flat at 32 this week, well below recent and long-term averages. Guerrilla-initiated activity also dipped slightly.
The USO said that it has been working with the Tesoro de Bubuy community in Aguazul to demand concessions on environmental impact and social investment from Perenco, who has since said it will close the project as a result.
An agreement that required the intervention of the Labor Ministry to negotiate between the operator of the new port project, Impala, and local workers and communities has lifted a 30-day strike which has held up progress on the construction of the new facilities.
It is time for our quarterly look at stock prices and as always we shine a spotlight on Ecopetrol’s market performance.
After defending the decree which restructures the process and deadlines to grant licenses against environmentalists and critics in the Senate, the Minister of Environment Gabriel Vallejo met with members of the oil industry to calm company concerns on the process.
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