(Energy Analytics Institute, Piero Stewart, 6.Aug.2018) – María Fernanda Suárez has resigned from Ecopetrol. The state oil company announced in an official statement that the resignation was due to her appointment as the Republic of Colombia’s Minister of Mines and Energy, effective August 6, 2018. ***
Category: Colombia
Colombia energy
Frontera Announces Second Quarter 2018 Results
(Frontera Energy Corporation, 3.Aug.2018) – Frontera Energy Corporation released its Interim Condensed Consolidated Financial Statements for the second 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 […]
Frontera Announces 2Q:18 Conference Call
(Frontera Energy Corporation, 3.Aug.2018) – Frontera Energy Corporation scheduled a conference call for investors and analysts for 3 August 2018 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, David Dyck, […]
Colombia Must Boost Investments 55% to Maintain Output
(Energy Analytics Institute, Piero Stewart, 27.Jul.2018) – The South American country needs to boost investments from an projected $4.5 billion in 2018 to a level of $7 billion over the next four years in order to maintain oil production and also increase proven reserves. The investments are needed in order […]
Colombia Could Create New Oil Bid System
(Reuters, Luis Jaime Acosta, 24.Jul.2018) – Colombia is preparing changes to its bidding process for oil areas in an effort to increase investment and find new reserves, the head of the oil regulator said, after repeated cancellations of its latest oil round. The changes, including contracts adjusted to international crude […]
Moody’s Upgrades Ecopetrol Rating
(Energy Analytics Institute, Piero Stewart, 18.Jul.2018) – The risk-rating agency Moody’s increased the baseline credit assessment (BCA) two notches, to ba1 from ba3 for Colombia’s state oil company. The agency said the higher BCA was primarily due to Ecopetrol’s “solid metrics and progress in its strategy of growth and adding […]
Duque Names Maria Fernanda Suarez Energy Minister
(Reuters, 18.Jul.2018) – Colombia’s President-elect Ivan Duque on Wednesday named Maria Fernanda Suarez as mining and energy minister when he takes office in August, a role that will require her to bolster oil production to help weak economic growth and settle messy mining disputes. Suarez, 44, is currently executive vice […]
Colombia Names New Mining Minister
(Energy Analytics Institute, Piero Stewart, 18.Jul.2018) – Colombia’s President elect Iván Duque named Ecopetrol Executive Vice President María Fernanda Suárez as the country’s new mining minister, according to reports in the daily newspaper La Republica. ***
Cano Limon-Covenas Pipeline Restarts After 180 Days
(Reuters, 17.Jul.2018) – Pumping through the Colombia’s Cano Limon-Covenas oil pipeline restarted after a 180-day stoppage due to repeated attacks by Marxist ELN rebels, military and industry sources said on Tuesday. The 485-mile (780-km) pipeline has been attacked 58 times this year by the National Liberation Army (ELN), the country’s […]
Colombia’s Cano Limon Pipeline Restarts
(Seeking Alpha, Carl Surran, 17.Jul.2018) – Colombia’s Cano Limon-Covenas pipeline has resumed pumping oil after a 180-day stoppage due to repeated attacks by Marxist ELN rebels, according to loval military and industry sources. Apart from bombing damage, 41 illegal valves used to steal crude were found on the pipeline, says […]
FDI in LAC Region Falls for Third Straight Year
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) – Foreign Direct Investment (FDI) in Latin America and the Caribbean fell for a third straight year in 2017, reported the Economic Commission for Latin America and the Caribbean or CEPAL by its Spanish acronym. The details were revealed in CEPAL’s annual report titled […]
Frontera Ends Pacific Midstream Sale Agreement
(Frontera Energy Corporation, 9.Jul.2018) – Frontera Energy Corporation announced that, effective July 6, 2018, it has terminated its agreement to purchase 36.36% of Pacific Midstream Limited (PML). Frontera elected to terminate its share sale agreement with the International Finance Corporation (IFC) and related funds to purchase the IFC’s 36.36% stake […]
Frontera’s Intent to Implement Course Issuer Bid
(Frontera Energy Corporation, 9.Jul.2018) – Frontera Energy Corporation intends to implement a normal course issuer bid (NCIB) for its common shares. The NCIB will be made in accordance with the policies of the Toronto Stock Exchange (TSX) and the commencement of purchases under the NCIB is subject to approval of […]
Ecopetrol to Operate Dina Gas Plant
(Energy Analytics Institute, Piero Stewart, 8.Jul.2018) – The gas plant has treatment capacity of 10 million cubic feet per day (MMcf/d) of natural gas. Ecopetrol initiated direct operation of Dina gas treatment plant (PTGD by its Spanish acronym), located in Huila, which since April 2010 has been operated by Masa […]
Ecopetrol to Prepay Loan of COP$ 1.4 Tln
(Energy Analytics Institute, Piero Stewart, 6.Jul.2018) – Colombia’s state oil company Ecopetrol will prepay the entire syndicated loan it entered into in 2013 with local banks. The loan was scheduled to be amortized up to 2025, announced Ecopetrol in an official statement. As stipulated in the loan agreement, Ecopetrol can […]
Ecopetrol Finds New Oil in Cundinamarca
(Energy Analytics Institute, Piero Stewart, 5.Jul.2018) – A find at the Búfalo-1 well confirmed the presence of oil in the Valle Medio del Magdalena, located near the town of Guaduas, Department of Cundinamarca. The well is the first discovery in the VMM32 Exploration Contract and is located very close to […]
Pipeline Releases 125 Bbls into Magdalena River
(Energy Analytics Institute, Ian Silverman, 30.Jun.2018) – Ecopetrol announced an oil spill of 125 barrels into the Magdalena River. The spill occurred while repair activities were being conducted to an underwater pipeline that transports crude from the auxiliary station of the municipality of Cantagallo (Bolívar) to the Isla 6 station […]
Ecopetrol Director to Divest of Shares
(Energy Analytics Institute, Ian Silverman, 28.Jun.2018) – Authorization has been granted to a director to sell shares of Ecopetrol S.A. The Board of Directors of the Ecopetrol has unanimously authorized company Director Dr. Héctor Manosalva Rojas to sell 49,380 of his shares in Ecopetrol. The transaction was authorized under Article […]
S&P Affirms Ecopetrol Rating
(Energy Analytics Institute, Ian Silverman, 28.Jun.2018) – The rating agency affirmed the investment rating for Ecopetrol, S.A. Standard & Poor’s kept Ecopetrol’s long-term international rating at BBB-, with stable outlook, and stand-alone credit rating at bb+, reported Ecopetrol in an official statement. In a recent report, the agency highlighted Ecopetrol’s […]
Ecopetrol Files Collective Labor Claim
(Energy Analytics Institute, Ian Silverman, 28.Jun.2018) – Colombia’s state oil company has filed a collective labor agreement claim with the Ministry of Labor. As prescribed by law, signatories of collective labor agreements are authorized to state their intentions to amend them through a claim and, if petitions are filed by […]
Colombia Preps for Hammer Time
(Renews, 26.Jun.2018) – The Colombian government will next month publish the initial heads of terms for the South American country’s first ever auction for renewables other than large hydro. Energy regulator CREG and mining and energy planning unit UPME are finalising rules and regulations ahead of the auction slated to […]
Frontera Closes $350 Mln Notes Offering
(Energy Analytics Institute, Ian Silverman, 25.Jun.2018) – The Canadian company plans to use majority of proceeds to repurchase notes due in 2021. Frontera Energy Corporation completed the offering of $350 million in senior unsecured notes due 2023 at a coupon rate of 9.70% pursuant to Rule 144A and Regulation S […]
Frontera Prices $350 Mln Notes at 9.7%
(Energy Analytics Institute, Piero Stewart 22.Jun.2018) – Canada’s Frontera Energy Corporation successfully priced an offering of $350 million. The offering was comprised of senior unsecured notes due 2023 at a coupon rate of 9.70% pursuant to Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, […]
Colombia Boosts Exploration Drilling 77% During 2010-2017
(Energy Analytics Institute, Aaron Simonsky, 22.Jun.2018) – Colombia boosted the number of exploration wells drilled by 77% during the most recent seven years compared to the earlier seven. Colombia drilled 697 exploration wells during the seven-year period 2010-2017, representing 303 more wells when compared to the 394 exploration wells drilled […]
Frontera Aims to Lower Costs in Colombia
(Energy Analytics Institute, Ian Silverman, 22.Jun.2018) – Frontera Energy Corporation aims to lower certain costs in Colombia. The Canadian company continues with efforts to reduce its transportation costs, including those associated to the Bicentenario pipeline, which has been continuously affected by attacks directed at the Caño Limon pipeline, the company […]
Colombia to Connect 1,360MW of Energy Capacity
(Energy Analytics Institute, Aaron Simonsky, 22.Jun.2018) – Wind capacity in Colombia will add 1,360 megawatts of generation capacity to its energy grid. The South American country’s Mines and Energy Ministry reported in a Twitter post that the energy source would be connected to the National Interconnected System through specialized connections, […]
Pentanova Announces Farmout Agreement in Colombia
(PentaNova Energy Corp., 21.Jun.2018) – PentaNova Energy Corp. announced signing of the SN-9 Farm Out Agreement with Panacol Oil & Gas, a wholly owned subsidiary of LATAM Oil & Gas. “The SN-9 block has all the hallmarks of being an exceptional core asset for PentaNova being adjacent to the prolific […]
Uncertainty Looms Large Over LatAm Oil
(Oilprice.com, Tsvetana Paraskova, 20.Jun.2018) – While oil industry analysts and market participants are watching Venezuela closely for clues about how low its oil production will go, several other countries in Latin America are holding key elections this year, elections that will no doubt shape the countries’ short and medium-term oil […]
Ecopetrol to Prepay $156 Mln in Loans
(Energy Analytics Institute, Ian Silverman, 20.Jun.2018) – Colombia’s state oil company Ecopetrol S.A. announced it will prepay all loans entered into in 2013 with international banks and guaranteed by the US Export-Import Bank, which had been subject to a payment schedule to 2023. The loan agreements allow Ecopetrol to prepay […]
Colombia Produced 865,987 B/D in May 2018
(Finance Colombia, Jared Wade, 14.Jun.2018) –Colombia produced an average of 865,987 barrels of oil per day in May, an uptick of 1.6% over May 2017 according to government figures. This level also represents a 0.1% increase from April, and the slight increase marks the third straight month of rising production, […]
Colombia’s ANH Approves New Contract Model
(Energy Analytics Institute, Jared Yamin, 15.Jun.2018) – Colombia’s National Hydrocarbon Agency (ANH by its Spanish acronym) approved the new oil and gas exploration and exploitation contract model for offshore areas. The contract aims to entice large petroleum companies to make favorable investments in Colombia — especially those made in the […]
Frontera Plows Forward in Colombia
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – Canada’s Frontera Energy Corporation continues its active drilling program in Colombia. The company had six (6) drilling rigs operating continuously in the first two months of the second quarter of 2018, of which three (3) were active in the Quifa heavy oil area, […]
Frontera Loan to Puerto Bahia
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – Frontera Energy Corporation entered into an unsecured loan agreement with Puerto Bahia. The agreement is pursuant to which Frontera has agreed to loan an aggregate amount of $30.46 million to Puerto Bahia, subject to certain terms and conditions. The loan bears an annual […]
Frontera Announces Details Of Share Split
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – The offer will consist of a two-for-one share split of the company’s issued and outstanding common shares. The record date of the Share Split will be June 21, 2018 at the close of business, announced Frontera Energy Corporation in an official statement. The […]
Colombia’s ANH Denies Fracking Plans in Boyacá
(Energy Analytics Institute, Jared Yamin, 8.Jun.2018) – Colombia’s National Hydrocarbon Agency (ANH by its Spanish acronym) says it has no plans to carry out fracking activities in Boyacá department. The ANH, which is studying the subsoil in the area, plans to utilize very low impact geophysical acquisition tools, such as […]
Q&A: Greening Colombia’s Energy Mix
(Inter Press Service, Constanza Vieira, 6.Jun.2018) – Colombia is a global power in biodiversity and water resources, but at the same time it depends on exports of fossil fuels, coal and oil, to the world. But don’t panic: in the green economy there are also incomes and jobs – says […]
Brookfield Buys Remaining Interest in Gas Natural Fenosa
(Energy Analytics Institute, Jared Yamin, 29.May.2018) ‐- Spain’s Gas Natural Fenosa is finally exiting Colombia. The company sold 15.46 million shares, representing the remaining 41.89% interest in gas distributor Gas Natural ESP, to Canada’s Brookfield Asset Management, which had officially launched a takeover bid, announced the daily La Republica, citing […]
Ecopetrol to Invest COL$94.5 Bln on Infrastructure
(Energy Analytics Institute, Jared Yamin, 28.May.2018) ‐- Ecopetrol plans to invest a total of COL$94.5 billion Colombian pesos on infrastructure and education. The funds for the seven projects will come from taxes, and will be destined for six Colombian departments, announced the state oil company in a Twitter post. Department […]
Ecopetrol Says Tibú Field Affected by Continued Sabotage
(Energy Analytics Institute, Jared Yamin, 27.May.2018) ‐- Thefts of elements from producing wells coupled with infrastructure sabotage at the Tibú field in the municipality by the same name in Northern Santander continue to harm the environment and neighboring communities. To date in 2018, Colombia’s state oil company Ecopetrol has registered […]
Canacol Announces Timing of 2018 Shareholders Meeting
(Energy Analytics Institute, Ian Silverman, 26.May.2018) – Canacol Energy Ltd., the exploration and production company with operations focused in Colombia, announced its Annual General Meeting of Shareholders will be held on July 3, 2018, in Calgary, Canada. Canacol’s common stock trades on the Toronto Stock Exchange, the OTCQX in the […]
IMF Approves New $11.5 Bln Colombia Credit
(Energy Analytics Institute, Jared Yamin, 25.May.2018) – The International Monetary Fund (IMF) approved a new two-year flexible credit line with Colombia for nearly $11.4 billion. The new credit replaces the former one, which was approved in 2016, reported the daily newspaper El Espectador. ***
Ecopetrol to Initiate Drilling of 19 Wells in Akacías
(Energy Analytics Institute, Ian Silverman, 24.May.2018) – Ecopetrol and Talisman Colombia Oil & Gas (TCOG), a company of Repsol group, plan to initiate drilling of new production wells in late May 2018 at the Akacías field, located in the Acacías municipality in Meta. Activities slated for the Akacías field development […]
Canacol Mobilizes Rig to Drill Borojo 1 Well in Colombia
(Energy Analytics Institute, Aaron Simonsky, 24.May.2018) – Canacol Energy Ltd. announced it has mobilized a rig to drill the Borojo 1 exploration well. Located on the 100% operated Esperanza E&E contract, the Borojo 1 well will target gas-bearing reservoirs located in the Cienaga de Oro sandstones, announced Canacol in a […]
Ecopetrol Plans Social Investments of 1.3 Bln Pesos in Meta
(Energy Analytics Institute, Ian Silverman, 24.May.2018) – Colombia’s state oil company Ecopetrol announced plans to make social investments of 1.3 billion Colombian pesos in Meta department, where the company and its partner Talisman Colombia Oil & Gas (TCOG) operate in the Acacías municipality. Investments will be directed to the immediate […]
Energy, Education, and Learning Through NRG ED
(Energy Analytics Institute, Aaron Simonsky, 24.May.2018) – Energy Analytics Institute, formerly LatinPetroleum Inc., continues to promote its “Energy Education Initiative” in the Americas, also known as “NRG ED.” NRG ED is structured to work with K-12 schools, community colleges, four-year colleges and universities, workforce training programs, communities and businesses, and […]
Canacol Reports 3rd Colombian Gas Discovery at Breva 1
(Energy Analytics Institute, Jared Yamin, 24.May.2018) – Canacol Energy Ltd. announced results of the Breva 1 natural gas exploration well located on its 100% operated VIM 21 block in the Lower Magdalena Valley Basin of Colombia. The Breva 1 exploration well is located approximately 1.5 kilometers north of the Toronja […]
Building Momentum – Oil and Gas in Latin America
(By Rodolfo Guzman, Paola Perez, Paola Carvajal, Roberto Imperatore, Arthur D. Little, 22.May 2018) – Unconventional oil production has grown these past few years despite low oil prices since 2014. Although production in the US decreased in 2015, stabilization of prices and improvements in several operational areas allowed unconventionals to […]
Fire at Barrancabermeja HDT Plant Controlled
(Energy Analytics Institute, Aaron Simonsky, 21.May.2018) – Colombia’s state oil company Ecopetrol announced that it has controlled a fire at the HDT plant of the Barrancabermeja refinery. No injuries were reported and the refinery is operating normally, according to Ecopetrol. Ecopetrol workers brought the fire — which occurred at the […]
Canacol Looks to Divest Non-Core Assets in Colombia
(Canacol Energy Ltd., 16.May.2018) – Canacol Energy Ltd. announced plans to divest of non-core Colombian conventional oil assets, among other management objectives for 2018. These objectives include: 1) sell an average of 114 to 129 MMscfpd of gas and 1,700 bopd (“barrels of oil per day”), 2) execute the necessary […]
Canacol Energy Ltd. Reports 24% Increase in 1Q:18 Revenues
(Canacol Energy Ltd., 15.May.2018) – Canacol Energy Ltd. reported its financial and operating results for the three months ended March 31, 2018. “The first quarter of 2018 was an important milestone for Canacol, as it represents the first full quarter where the Corporation had access to the newly completed Sabanas […]