(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 […]
Category: Colombia
Colombia energy
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 […]
Ecopetrol Reports Resignation of MarĂa Fernanda Suárez
(Energy Analytics Institute, Piero Stewart, 6.Aug.2018) – MarĂa 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. ***
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 MarĂa 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 BĂşfalo-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 (BolĂvar) 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. HĂ©ctor 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 […]