National business paper Portafolio reports that Ecopetrol is preparing an analysis of the delivery date and costs of the Cartagena Refinery (Reficar) enlargement. Initially the company approved a US$4.9B budget; however, costs could exceed th US$5B. Ecopetrol expects to complete four of the fourteen units that make up the enlargement this year, which will become operational only when the entire set is ready, as the units are part of a complete refinement cycle.
The chart shows stock prices for the largest publicly traded oil and gas companies that whose activities are largely if not exclusively based in Colombia. All five have over 90% of current production in Colombia (although all are exploring elsewhere).
The graph shows netback and cost broken down into three major categories: royalties, transport and production. The values are averaged over the seven publicly traded companies whose majority business is in Colombia and who provide enough data to do this graph.
Colombia finally achieved its goal of producing 1 million bpd. This new production level positions Colombia on the map of the middle leagues in world production. This is similar to Oman, a traditional Arab Emirate oil producer and the country ranks high in world production.
Multiple sources in the Colombian news media report that workers at the Cerrejon coal mine have voted to go on strike the first week of February. Given this possibility, mine managers invited employees affiliated to the National Coal Industry Union (Sintracarbón) to negotiate their demands. There has not been a strike in the mine for more than 22 years.
In recent statements, President Santos has been optimistic about the peace process with Farc. He said that “if there is will, this country will find that much desired peace.” He recalled that ever since he took office, he considered the peace process a possibility: “And so from day one, with great humility, but with much -and this is what I learned from Winston Churchill- perseverance, I began to weave the possibility of approaching the enemy, approaching FARC, to see if they wanted to find a negotiated solution and end this conflict.”
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