(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 […]
Category: Colombia
Colombia energy
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 […]
Investors Want To Know: Colombia’s Negative Outlook
(Fitch Ratings, 22.Jul.2020) — Colombia’s sovereign metrics have deteriorated further since its April downgrade to ‘BBB-‘, underpinning the range of downside risks reflected in the country’s Negative Rating Outlook, says Fitch Ratings. The growth outlook and debt trajectory are particularly key for the rating, with growth facing significant downside risks […]
Ecopetrol Says 2020 CAPEX To Be Between $3bn-$3.4bn
(Ecopetrol, 17.Jul.2020) — Ecopetrol S.A. informs that the Board of Directors approved a new organic investment plan for the Ecopetrol Group (GE) for an estimated amount between $3 billion and $3.4 billion for 2020. This level of organic investment is similar to what was deployed in 2019 and higher than […]
Colombia Relaunches Bid Process For LNG Terminal
(Shearman & Sterling, 15.Jul.2020) — The Colombian government has issued a new timetable for the tender with respect to the design, construction and operation under a build, own and operate, or “BOO” scheme, of an LNG regasification facility in the Pacific seaport city of Buenaventura and the related pipeline to […]
TermoCandelaria’s 2029 Senior Notes Solicitation
(TermoCandelaria, 14.Jul.2020) — TermoCandelaria Power Ltd, an electric power generation company in Colombia, which owns and operates a large portfolio of thermal power plants in Colombia, announced that it received the required consents from the holders of the 7.875% Senior Notes due 2029 issued by the company for the adoption […]
Colombia’s Gamble On Oil Could End In Disaster
(Oilprice.com, 8.Jul.2020) — The latest oil price collapse coupled with the considerable economic fallout from the coronavirus pandemic has battered Colombia’s fragile economy. As the strife-torn Latin American country emerged from decades of civil conflict and narrowly avoided becoming a failed state, it pegged future development and economic growth on […]
ANH Receives Five Expressions Of Interest
(Energy Analytics Institute, 1.Jul.2020) — With the five expressions of interest and/or requests for the incorporation of areas presented by two companies, Colombia’s National Hydrocarbon Agency (ANH) will firmly begin the third cycle of the Permanent Allocation of Areas Process (PPAA by its Spanish acronym). The third cycle contemplates the […]
Diego Mesa Named As Colombia’s New Mines, Energy Minister
(Energy Analytics Institute, 26.Jun.2020) — Colombia’s president Ivan Duque announced his naming of Diego Mesa as the country’s new Mines and Energy Minister, replacing María Fernanda Suárez, who resigned for personal reasons. Mesa, aged 38, most recently served as Colombia’s Deputy Oil Minister, and holds a master’s degree from the […]
Colombia’s May Production Of Gas Rises, Oil Falls
(Energy Analytics Institute, 25.Jun.2020) — Colombia’s production of natural gas was 938.7 million cubic feet per day (MMcf/d) in May 2020, up 13.5% sequentially from 827 MMcf/d in April 2020, but down 8.3% from 1,024 MMcf/d in May 2019, according to details published by Colombia’s Mines and Energy Ministry. Gas […]
Khiron Completes Solar Energy Park In Colombia
(Khiron, 24.Jun.2020) — Khiron Life Sciences Corp., a vertically integrated cannabis leader with core operations in Latin America and Europe, announces the completed installation of a state-of-the-art 2,600 panel solar park that will generate electricity to power the Company’s production facility in Doima, Colombia. Developed with ReFeel, a leading Italian […]
Low Prices To Weigh On Investment In LatAm
(Reuters, 23.Jun.2020) — Foreign investment in Latin America risks “drying out” due to economic turmoil and fiscal instability sparked by the COVID-19 pandemic, especially if Chinese-led commodity demand remains weak, a former Colombian finance minister said on Tuesday. “There is a risk that markets for the region dry out somewhat, […]
Fiscal Effects Of Covid-19, Oil Could Last Years In Colombia
(Reuters, 23.Jun.2020) — The fiscal fallout of the coronavirus pandemic and low oil prices could affect Colombia for several years, Richard Francis, director of sovereign ratings at ratings agency Fitch, said on Tuesday. Colombia’s government predicts the usually healthy economy will contract 5.5% this year. The country has suspended its […]
Petrobras On Binding Phase Of Assets In Colombia
(Petrobras, 12.Jun.2020) — Petrobras, following up on the press release disclosed on 21 May 2020, announces the beginning of the binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO). Qualified parties […]
CENIT’s Transport Tariffs Neutral For Ocensa
(Fitch Ratings, 1.Jun.2020) — Fitch Ratings views the agreement reached between crude oil transportation companies and producers in Colombia as credit neutral for Oleoducto Central S.A (Ocensa) (BBB-/Negative) and A.I. Candelaria (Spain), S.L.’s ratings (BB+/Negative), as Fitch does not anticipate a material change in their capital structures. The agreement announced […]
Colombia Eyes Intervention In Oil Pipeline Tariffs
(Reuters, 20.May.2020) — Colombia’s government could make an unprecedented intervention in oil pipeline tariffs, which private producers have criticized as too high, the president of the country’s National Hydrocarbons Agency (ANH) said on Wednesday. Private oil companies in the Andean country have been hit hard by falling prices amid a […]
Ecopetrol 1Q:20 Earnings Call Transcript
(Motley Fool, 13.May.2020) — Executives with Colombia’s state oil company Ecopetrol conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning. My name is Anna, and I will be your […]
Ecopetrol’s Loads At Barrancabermeja Rising
(Energy Analytics Institute, Piero Stewart, 12.May.2020) — Fuel demand in Colombia has started to recover slightly while refinery loads at the Barrancabermeja are rising, according to comments from Ecopetrol President Felipe Bayón. Loads at the refinery are now at 140,000 barrels per day (b/d) compared to 115,000 b/d, said Bayón […]
Ecopetrol Business Group Announces 1Q:20 Results
(Ecopetrol, 11.May.2020) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the first quarter of 2020, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. The figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of […]
Ecopetrol Exploring Offshore Storage Options
(Argus, 11.May.2020) — Colombia’s state-controlled Ecopetrol is exploring options to expand storage capacity in response to oil market oversupply and slumping demand caused by the Covid-19 pandemic. The company has “adjusted the whole logistical system” in response to the unprecedented oil market conditions, including a cut in production and refinery […]
Ecopetrol 1Q:20 Net Profit Plunges 95% On Low Prices
(Reuters, 11.May.2020) — Colombia’s majority state-owned oil company, Ecopetrol, reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos ($34.3 million), following a sharp drop in global oil prices. The company reported a net profit of 2.745 trillion pesos in the year-earlier period. […]
GeoPark To Report 1Q:20 Results, Host Webcast
(GeoPark, 6.May.2020) — GEoPark Limited will report its consolidated financial results for the three-month period ended March 31, 2020 on Wednesday, May 13, 2020. In conjunction with the first quarter results press release, GeoPark’s management will host a conference call on Thursday, May 14, 2020 at 10:00 am (Eastern Daylight Time) to […]
Colombia Registers 25 Pipeline Attacks To Date
(Energy Analytics Institute, Piero Stewart, 5.May.2020) — Four Colombian pipelines have been attached at least 25 times to date in 2020, according to data revealed by the country’s state oil company Ecopetrol. The Caño-Limón-Coveñas pipeline has reported 15 attacks in three departments as follows: Arauca Department in Arauquita municipal (5), […]
Milbank Part Of $2bn Ecopetrol Offering
(Milbank, 1.May.2020) — Milbank LLP represented the underwriters, Goldman Sachs, J.P. Morgan and Scotia Capital, in connection with the $2bn SEC-registered offering of notes due 2030 by Ecopetrol, Colombia’s state-owned oil and gas major. This marks the first capital raise by Ecopetrol since 2016 and one of the few capital […]
Milbank In $2Bn Ecopetrol Bond Offering
(Milbank, 1.May.2020) — Milbank LLP represented the underwriters, Goldman Sachs, J.P. Morgan and Scotia Capital, in connection with the $2 billion SEC-registered offering of notes due 2030 by Ecopetrol, Colombia’s state-owned oil and gas major. This marks the first capital raise by Ecopetrol since 2016 and one of the few […]
Ecopetrol Exploration Activities Update
(Ecopetrol, 30.Apr.2020) — It is the first link in Ecopetrol’s value chain. Its main objective is to explore, discover and appraise commercially viable hydrocarbon accumulations, seeking to ensure the reserve replacement required for the sustainability of the Ecopetrol Group. To centralize, unify and manage hydrocarbon exploration activities, Ecopetrol has an […]
Moody’s Assigns Baa3 Rating To Ecopetrol Notes
(Moody’s 24.Apr.2020) — Moody’s Investors Service assigned a Baa3 rating to Ecopetrol S.A.’s proposed new global notes. The Baa3 rating on the proposed notes is based on the rating of Ecopetrol. The proposed notes are senior unsecured, unsubordinated and pari passu with Ecopetrol’s other senior foreign currency debt. Proceeds from […]
Ecopetrol On 2019 Earnings Distribution
(Ecopetrol, 22.Apr.2020) — Ecopetrol S.A. informs the ordinary General Shareholders’ Meeting, held on 7 March 2020, approved the earnings distribution proposal presented for their consideration, which establishes the distribution of an ordinary dividend per share of one hundred and eighty pesos (COP$ 180). The dividend of the minority shareholders will […]
Ecopetrol Files Form 20-F For Fiscal Year 2019
(Ecopetrol, 20.Apr.2020) — Ecopetrol S.A. announced filing of its annual report under Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Securities and Exchange Commission (the “SEC”). With the filing of its annual report under Form 20-F the Company complies with its reporting obligations with the […]
Gran Tierra Responds To Price Volatility, COVID-19
(Gran Tierra, 16.Apr.2020) — Gran Tierra Energy Inc. announced a business update regarding the Company’s proactive measures taken to protect its financial strength in response to the large decrease in world oil prices and the impacts of COVID-19. All dollar amounts are in United States dollars and production amounts are […]
Barrancabermeja Unit Halted After Covid-19 Death
(Energy Analytics Institute, Piero Stewart, 11.Apr.2020) — Colombia’s state oil company Ecopetrol was forced to halt work at its Barrancabermeja refinery due to the death of an employee due to coronavirus. “We made the decision to shut down the UOPII cracking unit for comprehensive disinfection,” reported Colombia media outlet Caracol, […]
Collapsing Demand Sets Terms In OPEC+ Battle
(WoodMac, 9.Apr.2020) — Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in […]
Brief Intro Remarks By OPEC Secretary General
(OPEC, 9.Apr.2020) — Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, 9 April 2020, via webinar. Excellencies, Over the course of the last few months, COVID-19 has pervaded almost every aspect of life. We see it in the lockdowns initiated […]
Villavicencio Initiates VillaBici Transport Options
(Energy Analytics Institute, Piero Stewart, 7.Apr.2020) — Under the framework of World Health Day, the Villavicencio Municipal Mobility Secretariat continues with an initiative dubbed ‘VillaBici’ which provides alternative transportation options for nurses, doctors, cleaners, administrators and caretakers of health entities during the region’s fight against the spread of the coronavirus […]
Noble Looks To Drill Offshore Colombia In 2021
(Energy Analytics Institute, 1.Apr.2020) — Noble Energy expects drilling offshore Colombia to take place in 2021 at water depths close to 2,600 meters. In Colombia, Noble operates the Colombia-3 and Guajira Offshore-3 deep-water blocks with a 40% working interest. Both exploration blocks are situated in the Caribbean Sea, off Barranquilla […]
Ecopetrol: 2019 Earnings Distribution
(Ecopetrol, 28.Mar.2020) — Ecopetrol S.A. informs that the ordinary General Shareholders’ Meeting, held on March 27, 2020, approved the earnings distribution proposal presented for their consideration, which establishes the distribution of an ordinary dividend per share of one hundred and eighty pesos (COP$ 180). The dividend of the minority shareholders […]
Ecopetrol General Shareholders’ Meeting
(Ecopetrol, 25.Mar.2020) — In accordance with the authorizations and recommendations provided by the Colombian Financial Superintendence and the Superintendence of Companies, the President of Ecopetrol S.A. (the “Company”) is permitted to publicize the call notice published on February 25, 2020 and its reminder published on March 22, 2020 in order […]
LatAm NRG Producers Sweat To Cover Costs
(Reuters, 24.Mar.2020) — A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months. Global oil price benchmarks have had their steepest declines in decades in a perfect storm of […]
Frontera Responds To Lower Oil Price Environment
(Frontera, 23.Mar.2020) — Frontera Energy Corporation announced responses to the lower oil price environment caused by excess global supply and the COVID-19 pandemic, which includes a reduction in the 2020 capital plan and acceleration of cost savings initiatives. In connection with these cost savings initiatives, and in an effort to […]
Latin America’s Spot Oil Sales Hit By Low Prices
(Reuters, 20.Mar.2020) — Spot sales of Latin America’s heavy crudes mostly dried up this week amid a demand contraction and steep slump in oil prices that left some heavy grades below the $10-per-barrel level, traders from producing companies told Reuters on Friday. Latin American crude prices have fallen by around […]
Ecopetrol Cuts CAPEX And Other Expenses, Costs
(Ecopetrol, 17.Mar.2020) — Ecopetrol S.A. informs that in an extraordinary session held on March 16, its Board of Directors adopted a set of actions to address the challenging market conditions, which have resulted, among other matters, in a 40% decline in the Brent crude price as compared to the end […]
Armando Zamora To Head Colombia ANH
(ANH, 12.Mar.2020) — Colombia’s National Hydrocarbon Agency or ANH announced appointment of Armando Zamora Reyes as its new president, replacing Luis Miguel Morelli. Zamora, a mechanical engineer and specialist in high government at the University of Los Andes, was sworn in by Colombia’s Minister of Mines and Energy María Fernanda […]
Gran Tierra Revises 2020 Capital Program
(Gran Tierra, 12.Mar.2020) — Gran Tierra Energy Inc. announced revisions to its 2020 capital program in response to recent commodity price volatility. All dollar amounts are in United States (“U.S.”) dollars, unless otherwise indicated. Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We operate 29 of our […]
Bioenergy Gets Restructuring Authorization
(Ecopetrol, 12.Mar.2020) — Ecopetrol S.A. published the release from its subordinate Bioenergy S.A.S, that together with Bioenergy Zona Franca S.A.S., were admitted in the reorganization process by the Superintendence of Companies under Law 1116 of 2006, which will allow them to organize financial, administrative and operational aspects to preserve their […]
Petrobras Releases Teaser For Colombian Assets
(Petrobras, 6.Mar.2020) — Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of its fuel and lubricant distribution and marketing businesses in Colombia. This project aims to sell 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia […]