(Argus, 28.Jan.2021) — Just as Covid-19 affected each Latin American country differently, so too is the outlook of each country’s future crude oil production and exports. Colombia’s state-owned Ecopetrol and Brazil’s state-run Petrobras developed years-long strategies that in a year fraught with hurdles managed to yield higher export figures in […]
Category: Colombia
Colombia energy
Ecopetrol’s Bid For ISA Ratifies Govt Linkage
(Fitch Ratings, 28.Jan.2021) — Ecopetrol’s (BBB-/Negative) non-binding offer for the Colombian government’s 51.4% stake in Interconexion Electrica (ISA, BBB+/Negative) ratifies the company’s close linkage with the government, according to Fitch Ratings. Although Fitch does not expect the transaction to impact Ecopetrol’s ratings, as they will continue to be equalized with […]
Ivan Duque Officially Opens Trina Solar Plant
(Trina, 27.Jan.2021) — The second phase of the Los Llanos photovoltaic power plant project developed and managed by Trina Solar in Colombia has been connected to the grid and the start of its commercial operations officially declared. The President of Colombia, Iván Duque Márquez, cut the ribbon at the delivery […]
Ecopetrol Bids For Transmission Giant
(Argus, 27.Jan.2021) — Colombia’s state-controlled Ecopetrol is seeking to acquire state-controlled electricity transmission giant Isa in an aggressive move away from its core oil business. Ecopetrol presented a non-binding offer for the government’s stake in Isa, equivalent to more than 51pc of the shares in circulation, the company said this […]
ProColombia Launches Nature Tourism Guides
(ProColombia, 25.Jan.2021) — ProColombia, the government entity in charge of promoting international tourism, foreign direct investment, non-mining energy exports and the country brand, is encouraging eco-conscious travelers to consider Colombia as their next international destination when planning 2021 vacations. To inspire travelers and educate them on the country’s efforts, Colombia […]
Ecopetrol Says Pipeline Theft Rose 46% Last Year
(Reuters, 20.Jan.2021) — Theft of crude oil from pipelines operated by Colombia’s state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said. On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd […]
Ecopetrol On Sale Of Stake In Offshore Int’l Group
(Ecopetrol, 19.Jan.2021) — Ecopetrol S.A. signed a Share Purchase Agreement with De Jong Capital LLC, through one of its subsidiaries as buyer, pursuant to which Ecopetrol sold its 50% ownership interest in Offshore International Group (OIG). This divestment is the result of a successfully competed process between a number of […]
Five Illegal Refineries Destroyed in Norte de Santander
(General Command of the Colombian Military Forces, 13.Jan.2021) — Through a joint, coordinated and interagency operation conducted by the Colombian Air Force, the National Army, the National Police and the CTI (Technical Investigations Corps) of the Attorney General’s Office, it was possible to find and destroy, in a controlled manner, five illegal refineries for fuel production, which […]
Colombia Said To Review Divesting Stake In ISA
(Bloomberg, 6.Jan.2021) — Colombia’s government is reviewing plans to sell a stake in Interconexion Electrica SA that is attracting interest from publicly owned companies, according to people with direct knowledge of the matter. Grupo Energia Bogota is among companies considering a bid for the stake in the transmission company, while […]
University Of Los Llanos Inaugurate Meta Campus
(Ecopetrol, 30.Dec.2020) — Ecopetrol and the University of Los Llanos “Unillanos” gave the service the second phase of works of this educational institution at the boquemonte headquarters, in the municipality of Granada (Meta), which will benefit more than 2,000 students from this important region of Colombia. The investments were made […]
![Colombian Officials On Ecopetrol And Shell Deal [VIDEO]](https://energy-analytics-institute.org/wp-content/uploads/2020/12/291338_1.jpg)
Colombian Officials On Ecopetrol And Shell Deal [VIDEO]
(Energy Analytics Institute, 24.Dec.2020) — Officials from Colombia’s National Hydrocarbon Agency (ANH) and Ministry of Mines commented on approval of assignment of a 50% interest held by state owned Ecopetrol to Shell as well as operation by Shell of three blocks off the Colombian Caribbean coast. RELATED STORY: The ANH […]
ANH Approves Deal Between Ecopetrol And Shell
(ANH, 24.Dec.2020) — The ANH approved the entry of Shell EP Offshore Ventures Limited, Colombian branch as operating partner of three Hydrocarbon Exploration and Production contracts in the deep waters of the Colombian Caribbean, through the assignment of 50% interest in each of those contracts, held solely by the Colombian […]
Venezuela’s Oil Unions Accuse Govt Of Persecution
(AFP, 23.Dec.2020) — Venezuela’s vital oil industry is failing and the socialist government is feeling the pressure, and now the regime of President Nicolas Maduro is being accused of lashing out at the sector’s unions. In recent months, several union leaders have been arrested, accused of terrorism, sharing confidential information […]
Facing An Economic Crisis, Colombia Turns To Fracking
(Sierra Club, 17.Dec.2020) — San Martín is full of oil men. This small, no-nonsense Colombian town in the department of Cesar, is hot, chaotic, and long accustomed to the presence of the petroleum industry. Ecopetrol, the state-owned oil company, is everywhere. Standing in the town center it is impossible not […]
Q&A: Ecopetrol Ready To Compete, Ready For Change
(Argus, 16.Dec.2020) — Colombia’s state-controlled Ecopetrol had been diversifying crude exports with a commitment to quality before the market tailspin of 2020. Now the company is preparing to boost crude imports and compete on its home turf. Commercial and marketing vice president Pedro Manrique shared Ecopetrol’s experience with Argus. Edited […]
Ecopetrol Eyes Capex of $3.5-$4bn In 2021
(Ecopetrol, 14.Dec.2020) — Ecopetrol S.A.’s Board of Directors approved the 2021 organic investment plan for the Ecopetrol Group (GE) for an estimated amount between $3.5bn and $4bn. HIGHLIGHTS – The investment plan approved by the Board of Directors is oriented towards restoring the Ecopetrol Business growth’s path, increasing competitiveness, strengthening […]
Fitch Affirms Ecopetrol’s Investment Grade Rating
(Ecopetrol, 1.Dec.2020) — Ecopetrol reports that rating agency, Fitch Ratings, has affirmed the company’s credit rating at BBB- with a negative outlook and its standalone credit profile (without incorporating government support) at bbb. In its statement, Fitch highlighted the company’s strategic importance for the country, its ability to maintain a […]
ANH Inks Three Deals In Third Cycle Nomination
(ANH, 1.Dec.2020) — Colombia’s National Hydrocarbons Agency – ANH signed 4 new contracts as a conclusion of the third cycle of the Continuous Area Nomination Process, PPAA. Parex Resources and CNE Oil & Gas were awarded four areas, with associated investments estimated at approximately $40mn. COMPANY AREA NAME MUNICIPALITY Parex […]
USO Requests Investigation Into Ecopetrol Refinery Fire
(Energy Analytics Institute, 27.Nov.2020) — The Obrera Oil Union (USO) requested an investigation into the causes of the fire that occurred at Ecopetrol’s refinery in Barrancabermeja, Santander, announced RCN RadioBucaramanga on 27 November 2020 in a Twitter post. __________ By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
Gustavo Petro Leads Early Polls In Colombia
(Energy Analytics Institute, 27.Nov.2020) — Presidential hopefully Gustavo Petro tops a recent opinion poll in Colombia, leading with 25.9% popularity in the Andean country. Colombians were surveyed by polling company Invamer and questioned about “which leader they would vote for if elections were today?” Leftist leaning Petro, leader of Colombia […]
Frontera Inks Deal To Resolve Transport Disputes
(Frontera, 17.Nov.2020) — Frontera Energy Corporation, Cenit Transporte y Logística de Hidrocarburos S.A.S. and Oleoducto Bicentenario de Colombia S.A.S. separately announced they have reached an agreement for the joint filing of a petition for a binding settlement which, upon completion and approval by the competent Colombian court, will resolve all […]
Colombia Bid Round To Investigate Fracking Projects
(Reuters, 11.Nov.2020) — Colombia will hold a second bidding round to potentially grant contracts to companies interested in exploring non-conventional oil and gas deposits, using techniques like fracking, the National Hydrocarbons Agency (ANH) said. Majority state-owned oil company Ecopetrol, Exxonmobil, and Drummond already have contracts for investigative projects and may […]
ANH Readies For Second Pilot Project Round
(Energy Analytics Institute, 10.Nov.2020) — Colombia’s National Hydrocarbons Agency will conduct a second round for the award of Special Research Project Contracts (CEPI by its Spanish acronym). “The purpose of the projects is to be able to acquire sufficient scientific information to make decisions on the technical use of hydraulic […]
Frontera Announces 3Q:20 Results
(Frontera, 4.Nov.2020) — Frontera Energy Corporation reported financial and operational results for the third quarter ended 30 September 2020. All financial amounts in this news release are in United States dollars, unless otherwise stated. During the third quarter, the company acquired control of Infrastructure Ventures Inc. (“IVI“), the parent company […]
UPME On Pacific Facility Investor Selection
(Energy Analytics Institute, 30.Oct.2020) — Colombia’s Mining and Energy Planning Unit (UPME) officially started the investor selection process for the Pacific Gas Import Infrastructure project, which will encompass LNG storage, regasification, natural gas transportation as well as associated services . Highlights: — The deal will be awarded before the end […]
Ecopetrol’s 3Q:20 Earnings Call Transcript
(Seeking Alpha, 28.Oct.2020) — Colombia’s Ecopetrol announced it 3Q:20 earnings results. The transcript from the earnings conference call on 28 October 2020 with analyst follows. Company Participants Felipe Bayón – Chief Executive Officer Alberto Consuegra – Chief Operating Officer Jaime Caballero – Chief Financial Officer Yeimy Baez – Gas Vice […]
Ecopetrol Reports Positive 3Q:20 Results
(Ecopetrol, 28.Oct.2020) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the third quarter and the first nine months of 2020. Financial results were prepared in accordance with the International Financial Reporting Standards applicable in Colombia. *Ebitda adjusted to exclude the effect of the Voluntary Retirement Plan amounts to […]
ANH Says 16 Companies Qualified For 3rd PPAA
(Energy Analytics Institute, 23.Oct.2020) — Colombia’s National Hydrocarbon Agency or ANH published a definitive list of 16 companies qualified for the third cycle of its Permanent Area Assignment Process (PPAA). The ANH received 19 requests from companies interesting in qualifying, but settled on 16 that will be able to present […]
Frontera Reveals Details Of 3Q:20 Conference Call
(22.Oct.2020) — Frontera Energy Corporation will announce its third quarter results after the market closes on 4 November 2020 followed by a conference call with investors and analysts on 5 November at 8:00 a.m. (MST) and 10:00 a.m. (EST/GMT-5). Frontera participants will include Gabriel de Alba, Chairman of the Board […]
Ecopetrol Reveals Date Of 3Q:20 Earnings Report
(20.Oct.2020) — Bogotá-based Ecopetrol SA plans to release its financial and operating results for the third quarter 2020 on 27 October 2020 after the market close. Senior management will host two conferences on 28 October to review the results, the company announced 20 October in an official statement. Details of […]
Solar Panel Users In Colombia To Get Subsidies
(Energy Analytics Institute, 11.Oct.2020) — Colombian households located in areas not connected to the national interconnected energy system will be offered installation of solar panels with resources from the national government. The households will also receive a transitory subsidy of 86%, according to details revealed by Colombia’s Ministry of Mines […]
Colombia’s First Fracking Could Start In Late 2021
(Platts, 6.Oct.2020) — The first fracking in Colombia could come by the end of 2021, after companies obtain necessary environmental permits, energy minister Diego Mesa said Oct. 6 The Colombian government expects to sign the first contracts for pilot projects in November and December and complete environmental impact assessments in […]
Oxy Sales Colombian Onshore Assets to The Carlyle Group
(Piero Stewart, Energy Analytics Institute, 1.Oct.2020) — Houston-based Occidental Petroleum inked an agreement to divest its onshore assets in Colombia to The Carlyle Group for total consideration of $825mn. Per the deal, $700mn is due up front and the remainder payable subject to certain production and commodity price targets, Carlyle […]
Q&A: Colombia’s Lloreda Eyes E&P Revival
(Argus, 28.Sep.2020) — Colombia’s oil industry is slowly shaking off the double market blows of 2020 while it prepares to debut unconventional pilot projects. Oil chamber executive president Francisco Lloreda reflects on the upcoming challenges with senior contributing editor Patricia Garip. Edited highlights follow: How is Colombia’s oil industry recovering […]
Ecopetrol Briefs: 3Q Earnings, Capex For 2020
(Energy Analytics Institute, 24.Sep.2020) — Colombia oil and gas briefs on Ecopetrol’s capital expenditures for 2020 and the company’s plans to report financial results for the third quarter of 2020. Heard: Ecopetrol Plans To Announce 3Q:20 Financial Results Colombia’s state oil company Ecopetrol plans to release financial and operating results […]
Ecopetrol Launches Fields In ‘Ronda Campos 2020’
(Energy Analytics Institute, 23.Sep.2020) — Colombia’s state oil company Ecopetrol announced launch of ‘Ronda Campos 2020’ with nine fields with aim to contribute to reactivation of the South American country’s oil sector as well as regional economies. The auction will take place in the fourth quarter of 2020. “This round […]
Bayón Says Unconventionals Not The Only Option
Ecopetrol’ CEO Felipe Bayón said unconventionals were a very important option for Colombia since they allowed the country to boost its oil and gas reserves-to-production ratios while generating benefits for many regions such as employment, and goods and services. But he added: “In terms energy security, unconventionals are very important but they’re not the only option.”
Pompeo To Visit Guyana, Suriname, Brazil, Colombia
(US State Department, 15.Sep.2020) — Secretary of State Michael R. Pompeo will travel to Paramaribo, Suriname; Georgetown, Guyana; Boa Vista, Brazil; Bogota, Colombia; and Plano, Texas, September 17-20, 2020. This trip will highlight the United States’ commitment to defend democracy, combat COVID-19 while revitalizing our economies in the pandemic’s wake, and strengthen security against regional threats. […]
Gas Sector Dynamism Consolidated In Colombia
(Promigas, 14.Sep.2020) — The 2020 Natural Gas Sector Report presented by Promigas provides a concrete overview of Colombia in terms of reserves, investments, energy security, networks and transportation, as well as the effects of the Covid-19 pandemic. Some highlight include: — Colombia has 54 trillion cubic feet of natural gas […]
Ecopetrol Aims To Drill 100 Permian Wells By YE:21
(Reuters, 14.Sep.2020) — Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday. Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping […]
Ecopetrol Makes Prepayment Of Financing Contracts
(Ecopetrol, 14.Sep.2020) — Ecopetrol S.A. will prepay its short-term obligations with local and international banks entered into in March and April 2020, in the form of trade finance instruments and short-term bank loans. The total principal to be prepaid amounts to COP 775bn (in respect of the local debt) and […]
Fact Box: Ecopetrol’s Cartagena and Barrancabermeja Refineries
(Ecopetrol, 30.Apr.2020) — The fourth link in Ecopetrol’s value chain is the refining and petrochemical activity, which originates from the Barrancabermeja and Cartagena refineries. It is there where the crude oil originating from the fields is transformed into value-added products, which contributes towards job creation and revitalizes regional economies. Barrancabermeja […]
Venezuela’s Maduro doubling down on earnings from illicit means
HOUSTON, TEXAS (Ian Silverman and Piero Stewart, Energy Analytics Institute, 13.Aug.2020, Words: 966) — Venezuela’s President Nicolas Maduro is doubling down on earning money through illicit means where sanctions have less of an impact while also doubling down on alliances with autocratic regimes whether its Cuba, Iran, Russia or others, […]
Colombian Oil Major Reports Surprise Profits
(Oilprice.com, 12.Aug.202) — The March 2020 oil price crash and COVID-19 pandemic has hit the global energy sector hard. In response oil companies are slashing capital spending, driving down costs and shuttering uneconomic operations. The key goals being to preserve cash flow, shore-up balance sheets, protect dividend payments and retain […]
Petrobras On Expressing Interest In Colombian Assets
(Petrobras, 11.Aug.2020) — Petrobras, following up on the release disclosed on 27 July 2020, regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia, informs that it has extended until 21 August the deadline for companies to express their […]
Ecopetrol 2Q:20 Report, Updates Business Plan
(Ecopetrol, 4.Aug.2020) — Ecopetrol S.A. announced today the Ecopetrol Group’s financial results for the second quarter and the first half of 2020 and the update of the Business Plan 2020-2022. Financial results were prepared in accordance with the International Financial Reporting Standards applicable in Colombia. RELATED STORY: Moody’s Confirms Ecopetrol’s […]
Moody’s Confirms Ecopetrol’s Rating
(Ecopetrol, 3.Aug.2020) — Ecopetrol S.A. announces rating agency Moody’s kept the Company’s long-term international rating at Baa3, with stable outlook. Moody’s highlighted the Company’s strength as a leading firm in Colombia, the benefits of being an integrated company, as well as the adequate liquidity levels required to navigate the current […]
Ecopetrol’s 2Q:20 Call, 2020-22 Business Plan Update
(Ecopetrol, 29.Jul.2020) — Ecopetrol S.A. announces that on 4 August 2020 before market opens, it will release its financial and operating results for the second quarter 2020, and its 2020-2022 Business Plan Update. On Wednesday, 5 August, Ecopetrol’s senior management will host two conference calls to review the results and […]
Petrobras To Sale Tayrona Block Offshore Colombia
(Petrobras, 27.Jul.2020) — Petrobras informs that it has started the opportunity disclosure stage (teaser), regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia. The teaser, which includes key information about the opportunity, as well as the eligibility criteria […]
Quiet Destruction Of Colombia’s Shale Potential
(Oilprice.com, 23.Jul.2020) — Sharply weaker oil prices, falling investment and dwindling oil production are weighing heavily on Colombia’s economic outlook. Last decade, the strife-torn Andean country bet its economic future on oil and became Latin America’s third-largest oil producer. A combination of deteriorating oil production and low reserves, despite promising […]