(Project Syndicate, Mauricio Cárdenas, 5.Nov.2019) — Some regard Latin America as the world’s new oil frontier, and think that the region could potentially add three million barrels per day to global output during the next decade. But, although Brazil is well placed to ramp up production, Mexico and Venezuela seem […]
Category: Colombia
Colombia energy
Ecopetrol To Ratchet Up Oil Output By 4% In 2020
(S&P Global Platts, 30.Oct.2019) — Colombia’s state-controlled Ecopetrol is targeting 2020 production of 740,000-760,000 barrels of crude and equivalents per day, up to 4% more than expected average output this year, CEO Felipe Bayon said during a conference call Wednesday to discuss third-quarter results. He also announced a significantly higher […]
Ecopetrol’s 3Q:19 Results
(Ecopetrol, 29.Oct.2019) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the third quarter and the first nine months of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia. The figures included in this report are not audited. The financial information is expressed in billions of […]
The Atlantic Is Key To Colombia’s Energy Needs
(FT.com, Gideon Long, 28.Oct.2019) — Colombia’s proven oil reserves will run out within the next seven years and its gas reserves within 10. Faced with that bleak prospect, it needs to develop alternative sources of energy quickly and the Caribbean coast is set to play a significant role in this […]
Petromil Offers Low Sulphur Fuel In Colombia
(Argus, 23.Oct.2019) — Colombian oil supplier Petromil is offering low API gravity, high viscosity 0.5pc sulphur maximum fuel oil for bunkering in Colombia. Petromil’s low-sulphur fuel has typical sulphur content of 0.407pc, viscosity of 126.6 centistokes, API gravity of 15.7 and pour point of -15°C. The fuel is low-sulphur Colombian […]
Ecopetrol Buys Into Gato do Mato Discovery
(Ecopetrol, 21.Oct.2019) — Ecopetrol S.A. reports that its subsidiary Ecopetrol Ă“leo e Gás do Brasil Ltda has entered into an agreement with Shell Brasil PetrĂłleo Ltda. to acquire 30% of the interests, rights and obligations in two areas corresponding to the BM-S-54 Concession Agreement and the Sul de Gato do […]
Frontera’s 3Q:19 Results Date
(Frontera, 20.Oct.2019) — Frontera Energy Corporation will release its third quarter 2019 results after market on Thursday, November 7, 2019 followed by a conference call for investors and analysts on Friday, November 8, 2019 at 8:00 a.m. (MDT), 10:00 a.m. (EST/GMT-5). Participants will include Gabriel de Alba, Chairman of the […]
Frontera’s Renewal Of Normal Course Issuer Bid
(Frontera, 16.Oct.2019) — Frontera Energy Corporation accepted its notice to renew its normal course issuer bid (the NCIB) for its common shares. Pursuant to the NCIB, Frontera may purchase up to 6,532,400 Common Shares during the twelve-month period commencing October 18, 2019 and ending October 17, 2020, representing approximately 10% […]
Frontera’s 3Q:19 Update
(Frontera, 10.Oct.2019) — Frontera Energy Corporation announces a third quarter 2019 operational update and notice of financial results and conference call. All values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise noted. Third Quarter Production and Average Oil Prices Frontera delivered estimated […]
Red Tape Frozes $700mn In Colombia Oil Investment
(Reuters, 9.Oct.2019) — Some $700 million in investment spending by oil companies operating in Colombia is frozen because of contract delays caused by community protests and consultations, slow environmental licensing and court orders, the Colombia Petroleum Association (ACP), an industry group, said on Wednesday. The figure is part of the […]
Colombia To Award LT Power Purchase Agreements
(Shearman & Sterling, 2.Oct.2019) — The Colombian Government is expected to award long-term renewable power purchase agreements (PPAs) by October 22, 2019. The Mining and Energy Planning Unit (UPME) announced that a total of 26 traders and 27 generators with 56 generation projects submitted their interest to participate in the […]
Colombia Eyes Oil Round
(Reuters, Julia Symmes Cobb and Luis Jaime Acosta, 26.Sep.2019) — Colombia hopes to sign 20 contracts for oil exploration and production rights in its coming auction, the head of the national hydrocarbons agency said on Thursday, as it looks to possible offshore success over the next 18 months. The country […]
Low Coal Prices To Impact Colombia’s Wallet
(Reuters, Julia Symmes Cobb, Nelson Bocanegra, 26.Sep.2019) — Colombia, the world’s fourth-largest exporter of coal, faces a potential spending crunch in 2020 as royalties from the fuel decline amid a supply glut and slowing economic growth in China. The fuel provides some 80% of the Andean country’s mining royalties, totaling […]
Colombia Fracking Pilots Could Start In Late 2020: Ecopetrol CEO
(Reuters, Jessica Resnick-Ault, 25.Sep.2019) — Colombia’s state-run oil company Ecopetrol will be ready to start fracking pilot projects in the second half of 2020, chief executive Felipe Bayon said on Wednesday, as oil companies await federal regulatory guidelines for the projects. The pilots are part of the Andean country’s efforts […]
Four Colombia fracking Projects Could Attract $5bn In Yearly Investments
(Reuters, 24.Sep.2019) — Four fracking pilot projects in Colombia could bring in $5 billion annually in investment once they are in the production phase, industry leaders said on Tuesday, as the country awaits regulation that will allow the projects to begin. The potential use of fracking in the Andean country […]
GeoPark Finds Oil In Colombia’s Llanos 34 Block
(GeoPark, 23.Sep.2019) — GeoPark Limited announced the discovery of the new Guaco oil field in the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. GeoPark drilled and completed the Guaco 1 exploration well located along the third and most western major fault trend in the Llanos 34 block. This […]
Colombia Court Maintains Fracking Moratorium
(Reuters, 10.Sep.2019) — Colombia’s top administrative court maintained a temporary moratorium on the use of fracking on Tuesday, stymieing potential pilot projects amid ongoing arguments in a wider case regarding the use of the technique to extract oil and gas. The decision by three magistrates from the Council of State, […]
Colombia Renewable Capacity To Reach 5.9GW
(GlobalData, 5.Sep.2019) — Installed capacity of renewable power in Colombia is expected to rise from 2% in 2018 to 14% in 2025, with a further rise to 21% by 2030. Renewable capacity in the country is slated to increase fivefold to reach 5.9 gigawatts (GW) at a compound annual growth […]
Colombian Rebel Leader Issues New Call To Arms
(Reuters, Luis Jaime Acosta and Julia Symmes Cobb, 29.Aug.2019) — A group of former rebels from the Revolutionary Armed Forces of Colombia (FARC) said in a video posted overnight that they will embark on a new offensive, threatening to resume five decades of armed conflict against the government. Two former […]
Colombia Pipeline Ready To Transport More Crude
(Reuters, 21.Aug.201 9) — Pipeline company Oleoducto de Colombia is ready to move increased crude output from the center of Colombia to the Caribbean if the use of fracking is approved in the Andean country, the company’s chief executive said on Wednesday. Both the government and investors interested in possible […]
ONGC Videsh To Exit Colombian Blocks
(Cogencis, Sukalp Sharma, 20.Aug.2019) — ONGC Videsh Ltd plans to relinquish three exploratory blocks–RC-9, RC-10, and GUA OFF-2–in Colombia in the current financial year ending March due to adverse hydrocarbon prospectivity in these blocks, sources with direct knowledge of the matter told Cogencis. ONGC Videsh is the overseas investment arm […]
Colombia’s Transandino Pipeline Damaged
(Reuters, 17.Aug.2019) — A bomb and two illegal valves have damaged sections of Colombia’s Transandino pipeline, state-run oil company Ecopetrol said on Saturday. The two valves, installed to steal crude, were placed by unknown persons in the municipality of Barbacoas in southwestern Narino province, near the border with Ecuador, the […]
Ecopetrol Group Announces Second Quarter 2019 Results
(Ecopetrol 12.Aug.2019) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the second quarter of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia. In words of Felipe BayĂłn Pardo, CEO of Ecopetrol: “In the first half of 2019 the Ecopetrol Group reported a net profit […]
Frontera Energy Announces Strong 2Q:19 Results
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces release of its Interim Condensed Consolidated Financial Statements for the second quarter of 2019, together with its Management, Discussion and Analysis (“MD&A”). These documents will be posted on the Company’s website at www.fronteraenergy.ca and SEDAR at www.sedar.com. All values in this news release […]
Frontera Announces 2Q:19 Conference Call Details
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces a conference call for investors and analysts will be held on Friday, August 2, 2019 at 8:00 a.m. (MDT), 9:00 a.m. (GMT-5) and 10:00 a.m. (EDT). Participants will include Gabriel de Alba, Chairman of the Board of Directors, Richard Herbert, Chief Executive Officer, […]
Frontera Announces Regular And Special Dividends
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces that its board of directors has declared a regular dividend of C$0.205 per common share and a special dividend of C$0.535. The special dividend will be paid on or about August 23, 2019 to shareholders of record at the close of business on […]
Ecopetrol Call To Discuss Oxy Midland Basin Deal
(Ecopetrol, 31.Jul.2019) — Ecopetrol S.A. announces that on August 1st, Ecopetrol’s senior management will host two conference calls to review the joint venture with Occidental Petroleum Corporation to develop Occidental’s Midland Basin properties in the Permian Basin. Please find below the timing, dial-in and links to access the conferences: Spanish […]
Ecopetrol and Occidental Form Strategic Midland JV
(Ecopetrol, 31.Jul.2019) — Ecopetrol S.A. announced formation of a joint venture with Occidental Petroleum Corporation to develop 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. The JV enables Ecopetrol to book ~160 MMboe of proved undeveloped reserves at transaction closing and provides access to one of […]
Moody’s Confirms Ecopetrol Investment Grade Rating
(Ecopetrol, 30.Jul.2019) — Ecopetrol S.A. announces that the rating agency Moody’s has kept the Company’s long-term international rating at Baa3, with stable outlook. In its report, Moody’s highlighted the Company’s strength as a leading firm in Colombia, its operating performance and capital efficiency, as well as the stable cash generation […]
Amerisur Reports Completion Of Sol-1 Well
(Amerisur, 29.Jul.2019) — Amerisur Resources Plc announced completion of testing operations at the Sol-1 exploration well in Colombia. CPO-5 (WI 30%): Sol-1 Exploration Well Update Testing operations on the Sol-1 exploration well are complete. As previously announced, the well was drilled to a final depth of 9,986ft. Following initial analysis, […]
Bombing Halts Pumping On Transandino Pipeline
(Reuters, 26.Jul.2019) — Colombia’s state-run oil company Ecopetrol said on Friday it halted pumping on the Transandino pipeline after a bombing in southwestern Narino province. The attack did not produce a crude spill, the company said in a statement, but did dent the pipeline. It is the fourteenth attack this […]
Weatherford Awarded Contract With Colombia, South America Operator
(Weatherford, 24.Jul.2019) — Weatherford International plc announced a contract win with a Colombia, South America operator to migrate seven LOWIS® sites (3,000 wells) to the Company’s ForeSite® Production Optimization software platform. Under the newly signed contract, the Company will provide all maintenance and services for the software platform for five […]
Brazil Approves Transfer Of Saturno Stake To Ecopetrol
(Ecopetrol, 18.Jul.2019) — Ecopetrol S.A. said the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the Santos basin, to its subsidiary, Ecopetrol Ă“leo e Gas Brasil. Previously, this percentage was equally held by Shell Brasil PetrĂłleo Ltda […]
Frontera Expands Colombian Exploration Acreage
(Frontera, 16.Jul.2019) — Frontera Energy Corporation announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on June 27, 2019 under the successful Agencia Nacional de Hidrocarburos (“ANH”) bid round. Definitive award documentation will be entered into later this month. Block Gross Acres Operator […]
Frontera To Host 2Q:19 Conference Call
(Frontera, 16.Jul.2019) — Frontera Energy Corporation plans to announce its second quarter 2019 results will be released after market on Thursday, August 1, 2019 followed by a conference call for investors and analysts on Friday, August 2, 2019 at 8:00 a.m. (MDT), 9:00 a.m. (GMT-5) and 10:00 a.m. (EDT). Participants […]
Canacol Says Ocarina 1 And Nelson 7 Test At 59 MMcf/d
(Canacol, 15.Jul.2019) — Canacol Energy Ltd. announced results of the Ocarina 1 exploration well located on its 100% operated VIM 5 block, and the flow testing results of the Nelson 7 development well located on its 100% operated Esperanza block, both situated in the Lower Magdalena Valley Basin of Colombia. […]
Colombia: Judge Issues Order For U.S. Oil Executive
(OCCRP, 15.Jul.2019) — A Colombian judge requested on Friday the extradition of an American oil executive who is a suspect in one of the biggest corruption scandals in Colombia. Local media say he and his associates spent nearly US$16 million of embezzled money on prostitutes. Masoud Deidehban is accused of […]
Colombia Reschedules Aborted Tender
(Windpower Monthly, David Wes, 12.Jul.2019) — Developers with renewable energy projects of over 5MW that can be online by 1 January 2022 are invited to bid. The ministry of mines and energy has increased the contract length from the originally proposed 12 years in February’s tender, up to 15 years. […]
EPM Announces Expiration Of Tender Offer
(EPM, 11.Jul.2019) — Empresas PĂşblicas de MedellĂn E.S.P. (EPM) announced expiration and results of its previously announced offer to purchase for cash any and all of its outstanding 8.375% Notes due 2021 (CUSIP No.: 29246B AB4 (144A) / P9379R AB3 (Reg S) / ISIN No.: US29246BAB45 (144A) / USP9379RAB35 (Reg […]
Ecopetrol Finds Oil At Boranda-2 ST Well
(Ecopetrol, 11.Jul.2019) — Ecopetrol S.A. reports that the Boranda-2 ST well, located in Rionegro (Santander), has discovered the presence of crude in the Eoceno basal sands. The well was drilled from the same platform as the Boranda-1 discovery well (finding reported in 2017 in the PlayĂłn block, now known as […]
ANH Signs PPAA Deals Worth $158mn With Geopark, Hocol
(ANH, 11.Jul.2019) — After more than five years without offers or rounds of new blocks for Exploration and Production of hydrocarbons in Colombia, the new Permanent Process of Area Allocation (PPAA) launched by the National Hydrocarbons Agency – ANH at the beginning of 2019 starts to bear its first fruits […]
Frontera Announces 2Q:19 Peru And Colombia Update
(Frontera, 3.Jul.2019) — Frontera Energy announces a second quarter 2019 operational update. All values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise noted. Second Quarter Production and Average Oil Prices Frontera delivered estimated second quarter 2019 production of 74,285 boe/d, representing quarterly […]
EPM Commences Tender Offer 8.375% Notes Due 2021
(EPM, 2.Jul.2019) — Empresas PĂşblicas de MedellĂn E.S.P. (EPM) its offer to purchase for cash any and all of its outstanding 8.375% Notes due 2021 (CUSIP No.: 29246B AB4 (144A) / P9379R AB3 (Reg S) / ISIN No.: US29246BAB45 (144A) / USP9379RAB35 (Reg S)) (the “Notes”), from beneficial owners thereof […]
Colombia’s Iván Duque On Climate Change, Venezuela
(NBC, Claire Atkinson, 27.Jun.2019) — Advertising can help combat climate change, says Colombia’s president, Iván Duque, who recently spoke at the Cannes Lions International Festival of Creativity about the significance of the orange economy — as the cultural and creative industries are known. In a brief conversation with NBCNews.com, Duque […]
GeoPark Expands In the Llanos Basin In Colombia
(GeoPark, 27.Jun.2019) — GeoPark Limited announced the expansion of its portfolio in Colombia following the successful Agencia Nacional de Hidrocarburos (ANH) bid round in June 2019. GeoPark was awarded the Llanos 86, Llanos 87 and Llanos 104 blocks in partnership with Hocol (a 100% subsidiary of Ecopetrol) and a right […]
ANH Colombia Says 10 Oil Blocks Have Been Allocated
(ANH Colombia, 26.Jun.2019) — At the end of the Counteroffer Hearing of the first auction of the PPAA, held today, the National Hydrocarbons Agency (ANH) confirmed the allocation of 10 blocks, out of the 11 that were in dispute, and received a counteroffer from Frontera Energy Colombia Ltd. for the […]
Colombia Grants Contracts For 10 Blocks, One Pending
(Reuters, 26.Jun.2019) — Colombia accepted bids from six companies for 10 oil contracts on Wednesday, after just one block received a counter-offer during a bidding process meant to revitalize its long-stagnant oil sector. Hocol SA, Parex Resources Inc, Ecopetrol SA , Gran Tierra Energy Inc, Frontera Energy Corp and a […]
Venezuela’s Oil Crisis Affects Colombian Black Markets
(Reuters, Joshua Collins, 24.Jun.2019) — The business was just as lucrative as trafficking cocaine. When criminal gangs sold undocumented fuel on the black market in Colombia, they could net profits upwards of a thousand percent. And the profits were there for the taking. In 2017, Colombian authorities estimated that more than […]
Gran Tierra Shuts Production In Putumayo
(Gran Tierra, 19.Jun.2019) — Gran Tierra Energy Inc. announced an operations update regarding activities and results during second quarter 2019 to date. All dollar amounts are in United States (“U.S.”) dollars unless otherwise indicated. Production amounts are unaudited and on an average working interest before royalties (“WI”) basis unless otherwise […]
ANH Reveals Details Of Initial 11 PPAA Proposals
(ANH Colombia, 14.Jun.2019) — Colombia’s National Hydrocarbons Agency (ANH) reveals the initial proposals of the seven individual companies and the consortium that start the bid to stay with 11 area in the first cut of the Permanent Process of Area Allocation (PPAA) of 2019. After the process of validation of […]