Despite enacting a cost cutting program, Ecopetrol (NYSE:EC) says it is planning to keep its production at the projected level of 710,000 bd, assuming an international oil price of US$40-US$50.
Parex Resources (TSX:PXT) published the results of its annual independent reserves assessment through the end of 2014, which showed a 114% increase in 2P reserve growth compared to 2013.
Casanare and industry representatives met to discuss the state of a transportation agreement and found positive results, while in Meta the government will invest to pave a stretch of road leading to the Rubiales Field. These and other stories in our periodic roundup of road-related issues.
The drop in the oil price has spurred dramatic cuts in the investment plans of Colombia’s most important operators, but there is a long ripple effect that the price fall has on the communities, junior operators and side projects that go beyond the big headlines. Here is a summary of some of the more relevant stories to emerge over the last week or so.
The USO celebrated 92 years of existence with a pat on the back and taking credit for the creation of Ecopetrol (NYSE:EC) — in its monopoly, completely nationalized-oil-industry format of course.
The government has “concrete solutions” underway to stimulate investment in oil exploration and production as a countermeasure to the curtailed spending due to the fall in oil prices.
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