News and AnalysIs for

President Joe Biden of the US announced a significant easing of sanctions on Venezuela’s oil sector.

Ecopetrol (NYSE: EC) announced a significant offshore natural gas discovery in the southern Caribbean region of Colombia.

Canacol Energy Ltd. (TSX: CNE) announced that the long term take or pay gas sales contract with EPM, previously scheduled to commence deliveries on December 1, 2024 has been terminated by the corporation.

The Director General of the National Authority of Environmental Licenses (ANLA), Rodrigo Negrete Montes, talked about the sanctions for environmental damages in the last year.

Ecopetrol’s (NYSE: EC), Ricardo Roa, provided his testimony via video conference to the Inspector General’s Office as part of the disciplinary proceedings against Nicolás Petro Burgos, the eldest son of President Gustavo Petro, on charges of alleged illicit enrichment.

The last week or so was topsy-turvy for Colombian gas with Ecopetrol announcing “the presence of gas” in the Shell-operated Glaucus-1 well but Canacol announcing it had thrown-in-the-towel on its deal with EPM and the associated pipeline connecting Medellin and Jobo. The Canadian E&P simultaneously announced it was limiting its Colombian CAPEX to projects which leverage “existing transportation capacity” and focusing its future-oriented investments on Bolivia. The Canacol announcement will, no doubt, dominate the coffee and cocktail conversations at this week’s Cumbre de Petróleo, Gas y Energía in Cartagena.