With its change in strategy Ecopetrol (NYSE:EC) must become a “more international –Panamerican- and definitely more profitable”, especially to log new reserves says its president Juan Carlos Echeverry.
Pacific Rubiales (TSX:PRE) and Ecopetrol (NYSE:EC) are the only Colombia focused operators participating in the historic bidding round that will open the Mexican oil industry to private capital, which has advanced to the next stage.
The USO released a statement denouncing the recent violence between the Farc and the Colombian army and called for an immediate bilateral truce
The Ministry of Mines and Energy (MinMinas) released 2014 reserve figures for oil and gas, and said that the country has proven reserves for 6.4 years considering current production levels.
President Jose Manuel Santos criticized Farc attacks and drained tankers in Putumayo, which provoked one of the largest public rejections of the guerrilla this year. Santos said these acts do not make sense and the guerrilla never will win the respect of the Colombians.
The flare in violence following the end of the Farc’s supposed unilateral cease fire has put pipelines and oil infrastructure back in the crosshairs of guerrilla groups. It could not come at a worse time for Ecopetrol (NYSE:EC) which will see its costs rise and production fall as a result.
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