(Ecopetrol, 27.Nov.2018) —The Ecopetrol Business Group (GEE) expects investment in 2019 of $3.5 billion to $4 billion, up 16% to 33% over the projected 2018 figure, according to Colombia’s state oil company Ecopetrol. Investment Plan Highlights — The investment plan approved by the Board of Directors focuses on maintaining the […]
Category: Colombia
Colombia energy
LatAmNRG Chart Analysis: Venezuela’s R/P Rises As Oil Output Plunges
(Energy Analytics Institute, Pietro D. Pitts, 24.Nov. 2018) — Venezuela is suffering a complete meltdown across all sectors. The Venezuelan oil sector, which generates upwards to 95% of the country’s foreign currency revenues, is in a precarious state to say the least as oil output continues its downward trend. Interesting […]
LatAmNRG Panorama 22.Nov.2018: Venezuela, Colombia, Argentina
(Energy Analytics Institute, Piero Stewart and Aaron Simonsky, 22.Nov. 2018) — Heard on the street and other LatAmNRG briefs from OPEC producer Venezuela, and neighboring Colombia, emerging shale gas producer Argentina. Heard On The Street And Briefs Venezuelan Oil Workers Protest In Zulia A group of oil workers marched to […]
Frontera Extends Consent Solicitation Relating To Senior Notes
(Frontera Energy, 20.Nov.2018) — Frontera Energy Corporation announced (i) an extension of its consent solicitation and (ii) a change to the consent fee payable to consenting noteholders with respect to its previously announced consent solicitation to holders of the company’s $350 million aggregate principal amount of 9.700% Senior Notes due […]
Frontera To Commence Solicitation Related To 9.7% Senior Unsecured Notes
(Frontera Energy Corporation, 12.Nov.2018) — Frontera Energy Corporation intends to commence a consent solicitation to amend the indenture governing its outstanding 9.7% Senior Unsecured Notes due 2023. The company is proposing to amend certain restrictions relating to “Limitations on Restricted Payments” in the Indenture to, among other changes, replace an […]
Ecopetrol Activates Contingency Plans In Cedeño District
(Energy Analytics Institute, Piero Stewart, 11.Nov.2018) — Ecopetrol announced it has activated contingency plans after a new attack on the Caño LimĂłn-Coveñas pipeline located in the Cedeño district, in the municipality of Toledo, Norte de Santander. “At Ecopetrol, we reiterate our rejection to any type of activity that endangers the […]
Colombia’s Cano Limon Pipeline Hit By New Bomb Attack
(Reuters, 10.Nov.2018) — Colombia’s state-run oil company Ecopetrol said on Saturday it was mounting another cleanup operation after a bomb attack on the Cano Limon pipeline. The attack is the 78th this year on the 485-mile (780-km) pipeline, which has been out of service for much of 2018 because of […]
New Attack On Colombia’s Caño Limón-Coveñas Pipeline
(Energy Analytics Institute, Aaron Simonsky, 8.Nov.2018) — Colombia’s state oil company Ecopetrol revealed video coverage of the most recent attack on the company’s Caño LimĂłn-Coveñas oil pipeline located in Boyacá. No further details are available yet, but the company has initiated a contingency plan, announced Ecopetrol official Mauricio Tellez in […]
Frontera Energy Announces 3Q:18 Ops, Financial Results
(Frontera Energy, 7.Nov.2018) — Frontera Energy Corporation released its Interim Condensed Consolidated Financial Statements for the third quarter of 2018, 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 and […]
Scania Announces Record Gas Bus Delivery To Bogotá
(Scania, 6.Nov.2018) — In its largest gas bus delivery ever, Scania will supply 481 Euro 6 gas buses – the cleanest and most silent buses on the market – for the renewal of Bogotá’s TransMilenio Bus Rapid Transit system. Bogotá is replacing its earlier Euro 2 and Euro 3 buses […]
Ecopetrol Attends Oil Spill In TibĂş River
(Energy Analytics Institute, Aaron Simonsky, 5.Nov.2018) — Colombia’s state oil company Ecopetrol installed a series of barriers in a rural area of the TibĂş municipality (Norte de Santander) in an effort to contain an oil spill in the TibĂş River. The spill originated over the weekend when stolen crude oil […]
Canacol Energy 3Q:18 Results Release, Conference Call Date
(Canacol Energy Ltd., 2.Nov.2018) — Canacol Energy Ltd. will announce its third quarter 2018 financial results after the market close on Tuesday, November 13, 2018. Senior Management will hold a conference call to discuss results on Wednesday, November 14 at 8:00am MST / 10:00am ET. The conference call may be […]
Ecuadorian Armed Forces Discover Fuel Tanks Destined For Smuggling
(Energy Analytics Institute, Aaron Simonsky, 2.Nov.2018) — Ecuador’s Joint Task Force Armed Forces discovered 38 tanks filled with 55 gallons of fuel in an operation carried out on October 31, 2018. The tanks were being stored in a house in El Caucal, in the parish of Ancon de Sardinas in […]
Ecopetrol Could Invest $3-3.5 Bln In 2019, Same As This Year
(Reuters, 1.Nov.2018) — Colombian state-run oil company Ecopetrol will likely invest between $3 billion and $3.5 billion in 2019, the same figure as forecast for this year, its chief executive officer said on Thursday. The spending is the backbone of an ambitious plan to boost production and explore for more […]
Ecopetrol Boasts 67% Exploration Success Rate To-date In 2018
(Energy Analytics Institute, Piero Stewart, 1.Nov.2018) — Colombia’s state oil company Ecopetrol is boasting a 67% exploration success rate based on six completed wells thus far in 2018. Of the six wells, two were abandoned and 4 were successful, reported the company in its third quarter results update. Three other […]
Ecopetrol Business Group Reports 3Q:18, Year-To-Date 2018 Results
(Ecopetrol S.A., 31.Oct.2018) — Ecopetrol S.A. announced the Business Group’s financial results for the third quarter and year-to-date 2018, prepared in accordance with International Financial Reporting Standards applicable in Colombia. The figures included in this report are not audited. Financial information is expressed in billions of Colombian pesos (COP) or […]
Ecopetrol Profit Nearly Triples On Oil Price Boost
(Reuters, Julia Symmes Cobb, 31.Oct.2018) — Ecopetrol, Colombia’s state-run oil company, said on Wednesday its third-quarter net profit rose to 2.77 trillion pesos ($866.5 million), up 177 percent from the same period last year, thanks to higher global crude prices and increased output. The company plans to invest between $3 […]
Colombia Plans Mexico-Style Oil Hedge After Recent Volatility
(Bloomberg, Matthew Bristow, 31.Oct.2018) — Colombia is planning to hedge its oil exports to protect the government from the violent swings in revenue it suffered in recent years. The financing bill to be presented to Congress Wednesday proposes the creation of a fund that can buy derivatives from “foreign entities […]
Pioneer Energy Services Reports 3Q:18 Results, Updates On Colombia
(Pioneer Energy Services, 30.Oct.2018) — Pioneer Energy Services reported financial and operating results for the quarter ended September 30, 2018. Third quarter and recent notable items include: — Domestic drilling fleet was fully utilized during the third quarter, and generated an average margin per day of $10,237, up 7% from […]
Colombia’s Ecopetrol Advances With Fracking Plans, Seeks License
(Energy Analytics Institute, Piero Stewart, 30.Oct.2018) — Colombia’s state oil company Ecopetrol has requested an environmental license over an area where it plans to begin a pilot project to explore crude oil in unconventional deposits with the hydraulic stimulation technique known as fracking. If a permit from Colombia’s National Environmental […]
Ecopetrol Seeks License To Start Fracking Tests In Colombia
(Reuters, Luis Jaime Acosta, 29.Oct.2018) — Colombia’s state oil company Ecopetrol has requested an environmental license to launch a pilot plan to explore for crude oil from unconventional deposits using fracking technology, its chief executive said. Felipe Bayon told Reuters late on Friday the plan, which could triple Colombia’s proven […]
Caño Limón-Coveñas Has Suffered 1,470 Attacks In Ten-Plus Years
(Energy Analytics Institute, Piero Stewart, 27.Oct.2018) — Throughout its history, the Caño LimĂłn-Coveñas pipeline in Colombia has suffered an estimated 1,470 attacks and has been out of operation the equivalent of more than 10 years, according to figures from Colombia’s state oil company Ecopetrol. Attacks against the oil infrastructure have […]
Frontera Sets Date For 3Q:18 Financial and Ops Update, Conference Call
(Frontera Energy, 26.Oct.2018) — Frontera Energy Corporation announces that its third quarter 2018 results will be released after market on Wednesday, November 7, 2018 followed by a conference call and webcast for investors and analysts on Thursday, November 8, 2018 at 8:00 a.m. (MST), 10:00 a.m. (EST, GMT-5). Participants will […]
Ecopetrol Announces Timing Of 3Q:18 Earnings Report, Conference Call
(Ecopetrol, 25.Oct.2018) — Ecopetrol S.A. announces that on October 31st, 2018 after market close, it will release its financial and operating results for the third quarter of 2018. On Thursday, November 01st, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in […]
Ecopetrol Cleans Spill After Bomb Attack On Cano Limon Pipeline
(Reuters, 25.Oct.2018) — Colombia’s state-run oil company Ecopetrol is carrying out a clean-up operation after a bomb attack on the Cano Limon pipeline spilled crude into a waterway, the company said in a statement on Thursday. The attack on Wednesday, the seventy-sixth on the pipeline this year, had no immediate […]
Colombian Court Rules Community Referendums Cannot Block Mining, Oil Projects
(TeleSur, 13.Oct.2018) — The Colombian Constitutional Court has ruled to restrict the power of popular consultations to halt extractive projects. Colombia’s Constitutional Court ruled in favor of a Mansarovar Energy, a transnational oil and natural gas company, and against Indigenous communities in the municipality of Cumeral Thursday. The judgment, however, […]
IFC, Related Funds Exercise Rights Under the Pacific Midstream Limited Agreement
(Frontera Energy, 10.Oct.2018) — Frontera Energy Corporation announced the International Finance Corporation (IFC) and related funds have provided notice to the Company that they have exercised their right under the Pacific Midstream Limited (PML) shareholders agreement to receive without further payment additional shares in PML, as a result of certain […]
Frontera Energy Announces Exploration Discovery in Colombia
(Frontera Energy, 10.Oct.2018) — Frontera Energy Corporation announced a light oil discovery from its Acorazado-1 exploration well on the 100% owned and operated Llanos-25 block in Colombia. Frontera also provided an operational update highlighting current production, major project activities and details regarding the fourth quarter drilling campaign. Richard Herbert, Chief […]
Cutting India’s Dependence on Middle-East Oil: 60% More Oil Lifted from Colombia
(Financial Express, Huma Siddiqui, 9.Oct.2018) — With the India-Colombia bilateral trade $1.5 bn, India lifted oil close to $ 400 million from January to July this year– an increase of 60% in the same period of the previous year. With the India-Colombia bilateral trade $1.5 bn, India lifted oil close […]
Solar Array Will Make Bogota Airport the Greenest in Latin America
(Efe, 21.Sep.2018) — El Dorado International Airport will become the greenest terminal in Latin America when an array of 10,369 solar panels enters operation next year, Colombian officials said Friday. The installation of the panels began on Friday during an event headed by Energy Minister Maria Fernanda Suarez and executives […]
Ecopetrol: Fracking Likely In Colombia, Business Prospects Are Positive
(Seeking Alpha, Dylan Quintilone, 14.Sep.2018) — Ecopetrol SA is a Colombian oil and gas company with headquarters in Bogotá, Colombia. The company is listed by Forbes as the 300th largest enterprise by profits and is the second oil company in South America behind Petrobras from Brazil. Ecopetrol’s operations are divided […]
Ecopetrol Gets Approval for Contingent Credit Line for $665 Million
(Ecopetrol S.A., 10.Sep.2018) — Ecopetrol S.A. announced that as part of its integral debt management strategy, it will sign a contingent line of credit for $665 million with Scotiabank ($430 million) and Mizuho Bank ($235 million). Under this type of facility, known as a committed line of credit, Scotiabank and […]
Frontera Receives Global Compact Awards from UN
(Frontera Energy Corporation, 7.Sep.2018) — Frontera Energy Corporation has been named a Canadian Sustainable Development Goals award winner for the second consecutive year by the Global Compact Network Canada, the Canadian network of the United Nations Global Compact. Frontera was awarded the SDG Leadership Award in the large organizations category, […]
Pentanova to Change Name to CruzSur Energy Corp.
(PentaNova, 30.Aug.2018) — PentaNova Energy Corp. announced that effective at the market opening on September 4, 2018, the company will change its name to “CruzSur Energy Corp.” and its common shares and listed share purchase warrants will commence trading on the TSX Venture Exchange on a consolidated basis of one […]
PentaNova Energy Provides Financial, Ops Update
(PentaNova Energy Corp., 24.Aug.2018) — PentaNova Energy Corp. filed its financial and operating results for the three and six months ended June 30, 2018. All dollar values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise stated. All production figures are measured in […]
Ecopetrol to Focus Spending on Drilling: CEO
(Reuters, Devika Krishna Kumar, 24.Aug.2018) — Colombia’s state-run oil company Ecopetrol SA will focus spending for the rest of the year on increased drilling activity and securing operational licenses, its chief executive said on Friday. Spending delays earlier this year will make it harder for the company to achieve its […]
Trinidad Energy Infrastructure Unaffected by Earthquake
(Energy Analytics Institute, Aaron Simonsky, 22.Aug.2018) – Energy infrastructure on the twin-island nation of Trinidad and Tobago appears to be OK after an earthquake yesterday in Venezuela. The August 21, 2018 earthquake hit the northern coast of Venezuela, and was felt in neighboring Colombia, Trinidad and Tobago and Guyana. “Buildings […]
Frontera Confirms Discovery at Acorazado-1 Well in Colombia
(Energy Analytics Institute, Jared Yamin, 19.Aug.2018) – Canada’s Frontera Energy Corporation confirmed the presence of hydrocarbons in the Mirador reservoir in the Acorazado-1 exploration well in Colombia. The well is located on the 100% owned and operated Llanos 25 block onshore Colombia. As a result, the well is being cased […]
PentaNova Energy Updates on SINU-9 Farm Out
(PentaNova Energy Corp., 17.Aug.2018) — PentaNova Energy Corp. announced the SINU-9 Farm Out Agreement with Panacol Oil & Gas, a wholly owned subsidiary of LATAM Oil & Gas failed to close by the agreed closing date. Extensions to the closing dates were given, but Panacol was unable to complete the […]
PentaNova Tiburon Phase Suspended Due to Force Majeure
(PentaNova Energy Corp., 16.Aug.2018) — PentaNova Energy Corp. says the Tiburon E&P Contract is currently in Phase 3 of the exploration period with an existing minimum work obligation to acquire 200 km of 2D seismic, which can be replaced with an equivalent minimum commitment to acquire 69.75 km2 of 3D […]
Ecopetrol Cuts Planned 2018 Spending To $3-$3.5 Bln
(Reuters, Nelson Bocanegra & Julia Symmes Cobb, 15.Aug.2018) – Colombia’s state-run oil company Ecopetrol said it will invest $3 billion to $3.5 billion during 2018, less than previously estimated, because of spending delays and protests which closed three fields during the first quarter. Ecopetrol originally planned to invest $3.5 billion […]
Guyana to Become 5th Largest Oil Producer in LAC Region
(Energy Analytics Institute, Piero Stewart, 15.Aug.2018) – If all goes off as planned, by 2025, Guyana will be the 5th largest oil producer in the Latin American and Caribbean region. That’s according to an analysis of data posted by Trading Economics, and extrapolation of estimates of Guyana’s future oil production, […]
Ecopetrol Reports Higher Sales, EBITDA in 2Q:18
(Ecopetrol, 14.Aug.2018) – Ecopetrol S.A. announced the Business Group’s financial results for the second quarter and the first half of 2018, prepared in accordance with International Financial Reporting Standards applicable in Colombia. The figures included in this report are unaudited. Financial information is expressed in billions of Colombian pesos (COP), […]
Colombia Says Odebrecht Bribes Larger Than Previously Known
(Bloomberg, Ezra Fieser, 15.Aug.2018) – Odebrecht SA, the Brazilian construction giant, paid at least $32.5 million in bribes in Colombia — three times the amount it confessed to almost two years ago when it admitted to carrying out one of the largest graft schemes in corporate history, Colombia’s attorney general […]
Andrade Calls Out to Duque Over Odebrecht Case
(TheAndradeStory.com, 13.Aug.2018 – On Thursday (8/9) afternoon, the Office of the Attorney General of Colombia announced two new charges against the former head of the National Infrastructure Agency (“ANI”), Luis F. Andrade. These are in addition to eight previous charges placed against him last year related to the Odebrecht corruption […]
Mexico’s CNH to Speak at EnerCom Conference
(Energy Analytics Institute, Jared Yamin, 9.Aug2018) – The 23rd annual EnerCom conference will take place in the Denver Downtown Westin Hotel on Aug. 19-22, 2018. Companies with exposure to Latin America that will participate in special panels during the event include the following: Oil & Gas in Mexico Panel — […]
Ecopetrol Announces 2Q:18 Earnings, Conference Call
(Ecopetrol, 9.Aug.2018) – Ecopetrol S.A. announced that on August 14, 2018 after market close, it will release its financial and operating results for the second quarter of 2018. On Wednesday, August 15th, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in […]
Ecopetrol Names New Corporate VP Of Finance
(Ecopetrol, 8.Aug.2018) — Ecopetrol S.A. announces that as of 7 August 2018, Jaime Caballero Uribe has been appointed the new Corporate Vice President of Finance (Chief Financial Officer). Mr. Caballero has more than 20 years of experience with companies in the oil and gas sector, both in Colombia and abroad. […]
Ecopetrol Names New Corporate VP of Finance
(Ecopetrol, 8.Aug.2018) – Ecopetrol S.A. announced appointment of Jaime Caballero Uribe as the new Corporate Vice President of Finance (Chief Financial Officer). The appointment is effective as of August 7, 2018. Mr. Caballero has more than 20 years of experience with companies in the oil and gas sector, both in […]