French oil and gas company, Maurel and Prom, has a small amount of production in Colombia (498 bpd net of royalties in 3Q12). It is in an exploration agreement with Pacific Rubiales in a 49.99:51.01 deal whereby Pacific picks up the exploration expenses. The company’s description of its production in the country is unusually specific so we thought it interesting to publish. In this case the challenge is not environmental approval but approvals from the ANH to put a confirmed well into production.
CEO Ronald Pantin was giving almost real time production measurements during the 3Q12 conference call to show that the company’s quarterly results were not only sustained in the fourth quarter but getting stronger. Production, revenue, EBITDA and cash flow were all up in 3Q12 year-over-year, showing Pacific Rubiales strong operating performance. In particular, oil and gas production was up over 5% sequentially in Colombia while production for the industry as a whole was down 1%.
As reported by La República, Ecopetrol estimates that by the end of 2012 it will have invested CoP$951,000M at its refinery in Barrancabermeja (Santander). The investment has been earmarked for equipment replacement, maintenance and inspections. Thus Ecopetrol has ensured the operation of turbo generators, power lines, substations, boilers and other major operating systems within the refinery.
Equion – a joint venture between Ecopetrol and Talisman – reports the presence of dry gas in the Mapale-1 well. From an Ecopetrol Press Release in English with commentary by Hydrocarbons Colombia.
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.
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