In a press release, Sintana Energy announces a farm-out arrangement with ExxonMobile Exploration Colombia. The farm-out is for block VMM-37 in the Middle Magdalena Basin but only applies to unconventional plays on the block. For these ExxonMobile will earn a 70% interest on completion of the agreed work plan. Sintana retains 30% of an unconventional play and 100% of conventional production.
CyC Energia aka C&C Energy reported results for 3Q12. Production was up just under 9% but revenue was up over 1/3 because the company managed to reduce inventories by over 3,000 bpd.
Interoil reported its October 2012 production results for Colombia without commentary. Colombia’s oil production rose in September and October but Interoil’s share dropped. In fact, except for a brief blip in July, production has dropped continuously since March.
The USO is the Colombian petroleum workers union. Unrepentantly radically left, it often seems trapped in some Marxist-Leninist twilight zone from before the fall of the Berlin Wall or perhaps before the Second World War. Still its capacity for mischief is unmistakable and so we believe it is important for oil and gas industry stakeholders to keep track of what they up to. We will summarize major news items from their webpage or other sources and publish the summary every Monday. We will reproduce the tone of their items while not agreeing with their messages.
Incidents declined again for a fourth straight week but the decline was slight so maybe we have found a new equilibrium.
Colombia or at least its investor-class has been shocked by the collapse of the country’s largest broker, Interbolsa. There is a remote and probably irrelevant connection with PetroNorte, but the surprise has been Mansarovar.
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