MinMinas Federico Renjifo participates in The Colombia Business Summit conference organized by The Economist in Paris. From a MinMinas press release. Translated and with commentary by Hydrocarbons Colombia.
Many Colombian news sources picked up a BBC story about Qatar investing its oil wealth in building a knowledge-economy. That so many picked up it meant a number of news editors thought it suggested a different approach to using royalties. That got us thinking as well.
On November 19, 2012 we reported that Pacific Rubiales was buying C&C Energy in an all stock deal. Now in a press release, Fitch reports they rate the deal neutral to positive because “Pacific Rubiales’ production profile will improve through this transaction, as C&C’s lighter crude production will provide Pacific Rubiales with a more favorable diluent source to transport its heavy crude production. Pacific Rubiales estimates that this acquisition will represent savings of approximately USD376 million per year on diluent cost.”
Suroco Energy announced its 3Q12 results. The chart shows production net of Working Interest and Royalties was up 27% sequentially after having been stalled for two quarters. Alastair Hill, Suroco’s President and CEO commented, “During the third quarter we achieved a record average production rate of 1,111 barrels per day net to the Corporation after royalties and in September we experienced our best single monthly average with 1,232 barrels per day net to the Corporation after royalties. The three Cohembi wells drilled during the quarter helped us to delineate the north-western area of the field and extend the proven oil-bearing area.”
Many Colombian news sources picked up a BBC story about Qatar investing its oil wealth in building a knowledge-economy. That so many picked up it meant a number of news editors thought it suggested a different approach to using royalties. That got us thinking as well.
The contract for the Achapo area was signed with the company Canacol Energy Colombia SA on October 31, 2012. The contract authorizes Canacol for hydrocarbons exploration and production in a 5.057 m2 area of the Caguán Putumayo basin. The expected investment is US$7.8M total investment.
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