In order for Colombia to achieve self- sufficiency for its own oil supply, an important and dramatic discovery of reserves must happen this decade, otherwise keeping along current trends the reserves logged would not supply the country past 2018, according to a government report.
Ecopetrol (NYSE:EC) officials said during its first quarter 2014 conference call that crews working on the Caño Lion-Coveñas pipeline should have it running five days after starting work, and gave estimates as how many barrels of crude it loses everyday due to attacks.
Members of the USO national chapter held a meeting with Ecopetrol (NYSE:EC) to discuss the modernization of the Barrancabermeja Refinery, and called for work to start immediately.
Incidents near areas of interest to the oil and gas industry were down to 33, below recent but above long-term averages. Non-Armed-Forces-reported incidents were just about average in percentage terms and in absolute terms. This is our indicator of increased guerrilla-initiated activity. Our 4-week Moving Average incident count was down correspondingly at 34.0 and the 52 week average was stable at 31.3 incidents per week.
(Due to technical reasons beyond our control, we were unable to publish the usual Heavy Crude Oil Markets column in our May Inner Circle Monthly Report. We apologize for the inconvenience and hope our readers find this month’s report useful.)
The national government and the U’WA indigenous community have reached an agreement that will allow repair crews to access the damaged Caño Limon – Coveñas pipeline, which has been out of service since a bombing on March 25th.
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