Ecopetrol’s (NYSE: EC) President, Ricardo Roa, outlined a robust austerity and efficiency strategy to address the challenges facing Colombia’s largest oil company.
Following the announcement by Colombia’s National Administrative Department of Statistics (DANE) that the country’s GDP grew by 2% in the third quarter—falling short of market expectations—leading business figures have voiced concerns over the sluggish recovery of key economic sectors.
Fitch Ratings has maintained Colombia’s long-term and short-term credit ratings at AAA and F1, respectively, but issued significant warnings regarding governance issues at Ecopetrol (NYSE: EC), the nation’s largest and most profitable state-owned oil company.
NG Energy International Corp. (NGE) commenced natural gas production and sales from its Sinu-9 project in Colombia, marking a key step in the company’s growth.
Despite resigning from Ecopetrol’s Board of Directors over two months ago, Juan José Echavarría and Luis Alberto Zuleta remain unable to formally leave their positions.
Canacol Energy (TSX: CNE) issued a statement clarifying that Colombia’s Ministry of Mines and Energy (MinEnergia) is not conducting any investigation into the company.
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