Two U.S. based companies, Amec Foster Wheeler USA Corporation and Process Consultants, Inc., reopened a US$2.4B arbitration claim against the Republic of Colombia before the International Centre for Settlement of Investment Disputes (ICSID), the World Bank’s international arbitration court. The dispute stems from the controversial modernization project of the Cartagena Refinery (Reficar).
Ecopetrol (NYSE: EC) is facing serious financial challenges due to the recent plunge in global oil prices.
The government appointed Karen Schutt Esmeral as its new Deputy Minister of Energy, marking a significant leadership change within the Ministry of Mines and Energy (MinEnergia).
Arrow Exploration Corp. (TSXV: AXL) released an operational update focused on its activities in the Tapir Block, located in the Llanos Basin.
Ecopetrol (NYSE: EC) announced the launch of three new natural gas commercialization processes for 2024, reinforcing its commitment to long-term energy supply security in Colombia.
MinEnergia Edwin Palma says the Colombian government will write long-term gas import contracts because “Those increases in gas prices across the country must be reversed.” He is either misguided or misleading Colombians. We hope it is the former. Gas prices appear to be on the upswing and Colombians will pay a premium to eliminate the risk of gas prices going up.
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