Colombian oil company – Mansarovar – a joint venture between Chinese state-owned company Sinopec and Indian NOC ONGC Videsh – announces it has received permission from partner Ecopetrol to develop Abarco Phase II, Under River Fase III and Moriche Phase III.
The Interbolsa drama deepened yesterday with news that it was virtually certain to be liquidated. Existing shareholders in the brokerage firm are likewise virtually certain to have their investments wiped out. The surprising news was that oil company Mansarovar is listed in various press reports as the brokerage’s largest single shareholder.
GranTierra reports high quarter-over-quarter and year-over-year growth in Colombian production for 3Q12 despite problems with the TransAndino pipeline. These pipeline interruptions raised operating expense and so unfortunately higher revenue did not translate into higher profits. The company’s press release also gave an extensive update on its exploration activities in Colombia including plans for the blocks it has been (provisionally) awarded in the 2012 Round of auctions.
In the context of the Colombian Association of Petroleum Services Companies, Campetrol’s Expo Oil and Gas, various association officials spoke to the Colombian press. Campetrol has worked with economic think tank, Fedesarrollo to characterize the sector and provide a view into its potential.
According to Minminas, Federico Renjifo, the search for oil continues near Buenaventura (Valle del Cauca), off the Pacific coast of Colombia. For Renjifo it is important to study the area, which is virtually unexplored.After a poor performance for these blocks in the 2012 Round he is certainly right.
Last week the news broke that well-known brokerage house Interbolsa was running short of cash and had been intervened by finance industry supervisor (SuperFinanciera). The news has scared retail investors of all scales. Both the company and the SuperFinanciera insist that stocks purchased by retail investors are safe because they are held in escrow accounts although direct investors in Grupo Interbolsa itself will probably have to take some kind of “hit” to bail out the brokerage firm. What is not at all clear is what happens to certain Interbolsa investments including Tribeca Fund I, the 67.8% owner of PetroLatina, a UK firm which operates in Colombia as PetroNorte – one of the big winners at the 2012 Round with four exploration blocks.