Ecopetrol has invested in the Ventures contest which encourages entrepreneurship and innovation. The contest spans a wide range of economic activities but Ecopetrol has chosen to invest in the Education and Culture component for the past two years. The connection with the oil and gas is secondary but the cause is worthy. From an Ecopetrol press release, translated and with commentary by Hydrocarbons Colombia.
This Ecopetrol press release details the company’s local procurement activities by region. Local procurement has become an issue because the communities in which oil and gas companies operate have lost line of sight to the benefits having hydrocarbons activity in the vicinity. The costs – like roads clogged with tanker trucks – are readily apparent but since the reform of the royalties distribution system, only local procurement is a sure route to jobs. Translated and with commentary by Hydrocarbons Colombia.
Our Powerpoint presentation on the country’s hydrocarbons industry is a wealth of information for those starting out or needing a few facts.
Our Monthly Report for February 2013 is now available for download (see below).
As broadly reported, the government and the FARC achieved the first real progress in the peace talks. In this regard, alias “Ivan Marquez” said: “We finished this round of talks with progress, which speaks well of our desire for peace, despite the unfounded assertions of President Juan Manuel Santos,” adding: “We are building an agreement that now is approaching about five pages (…) never has a peace process advanced so much.”
Firstly, Pacific Rubiales shareholders should not be concerned. Management did its job and proved (1P) and probable (2P) reserves both increased over 2011 thanks to the Z-1 Block in Peru and the acquisitions of PetroMagdalena and C&C Energy in Colombia. The company has made strategic plays in Papua New Guinea, Guatemala and Guyana that are not yet reflected in either proved or probable reserves. But stepping back and looking at the Colombian results to understand what is happening with the industry as a whole, the picture is far less rosy, as seen in the above graph.
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