Ecopetrol’s board of directors approved the departure of five senior executives on August 27th, effective August 31th, with each position filled on an interim basis while the company defines permanent appointments.
President Abelardo De la Espriella’s government has finalized the single slate of nominees it will present at Ecopetrol’s extraordinary shareholders’ assembly on September 15, aimed at renewing the company’s board of directors.
Technically it’s over. Practically speaking, it isn’t. Gustavo Petro was still president of Colombia in July and his temporary substitute for Ricardo Roa will be there until the end of the third quarter. Even if he leaves directly after the board meeting at the end of September, he will have been in charge for virtually all of the quarter.
The US and Iran are no closer to a solution to the Strait of Hormuz but the situation may becoming to a sustainable stalemate and that, in turn, may be stabilizing Brent – but only in a medium-to-long term sense.
Drummond Energy is abandoning its planned regasification terminal in Ciénaga, Magdalena, to focus entirely on developing unconventional shale gas in Cesar, betting on President Abelardo De la Espriella’s fracking-friendly stance.
Colombia’s unconventional hydrocarbons (YNC) could extend national gas self-sufficiency by roughly 70 years and oil self-sufficiency by nearly 16 years, relative to 2020 production levels, according to a Corficolombiana report.
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