Ecopetrol (NYSE:EC) is by no means the only Colombian oil exporter but it publishes the most detailed statistics and we believe its export patterns indicate how the market as a whole is shifting.
The Minister of mines and Energy (MinMinas) Tomás González paid a visit to Yopal, Casanare and outlined the root causes of the drop in oil prices, and also talked about exploration plans to grow reserves and production.
Perenco said last week that it would shut down its operations in Aguazul after three months of blockades from the Tesoro Bubuy village. The action apparently was enough to bring the community to the table and lift the blockades, although talks still remain.
Ecopetrol (NYSE:EC) says that it has spent CoP$13.27T (US$6.27B) on goods and services during the first nine months of 2014, with 93% of that total going to suppliers based in Colombia.
Ecopetrol (NYSE:EC) had set a production target of 819,000boed for 2014, but with its average after three quarters sitting at 754,800boed, the NOC will almost certainly fall short of its goal.
The UTEN Hidrocarburos union, which accounts for the ranks of Pacific Rubiales (NYSE:EC), has marked three years of peaceful relations with the company and community in Colombia’s largest oil field, Rubiales.
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