(Energy Analytics Institute, Aaron Simonsky, 14.May.2018) – Colombia’s natural gas reserve life ratio rose 13.6% year-over-year. Colombia’s Mines Ministry said the South American country had boosted its natural gas reserve life ratio to 11.7 times or 11.7 years in 2017 due to rising reserves and reduced consumption. The details, provided […]
Category: Colombia
Colombia energy
Ecopetrol Profit Rises Nearly 200% in First Quarter
(Reuters, 4.May.2018) – Ecopetrol, Colombia’s state-run oil company, said on Thursday that its first quarter net profit rose to 2.6 trillion pesos ($923.3 million), up 195 percent from the same period in 2017, thanks to improved efficiencies and higher crude prices. The results were the best first quarter showing in […]
Ecopetrol Provides Update on Emergency in Tumaco
(Energy Analytics Institute, Jared Yamin, 2.May.2018) – Colombia’s Ecopetrol published a brief update on emergency operations in Tumaco. In the area there are more than 100 workers, 9 control points (La Espriella, La Cortina, La Chorrera, El Muerto, La Brava, Pueblo Nuevo, Tangarial 1, Dos Quebrados, and Boca de Caunapí), […]
ECLAC Ssays Venezuela’s Economic Activity to Fall 8.5% in 2018
(Energy Analytics Institute, Aaron Simonsky, 1.May.2018) – The United Nations Economic Commission for Latin America and the Caribbean, also known as ECLAC or CEPAL by its Spanish acronym, projects economic activity in troubled Venezuela will contract 8.5% in 2018. Gross domestic product or (GDP) estimates for other important countries and […]
ConocoPhillips’s Interest in Colombia
(Energy Analytics Institute, Aaron Simonsky, 25.Apr.2018) — ConocoPhillips is active in Colombia in the Middle Magdalena Basin at VMM-3 and VMM-2, where it serves as operator at both blocks, the company reported in a Fact Sheet updated on its website in March 2018. A short summary of its Colombian interests […]
EPM Installs Colombia’s ‘First’ Floating PV Project
(PV-Tech, Tom Kenning, 18.Apr.2018) – Colombian utility EPM has installed what it claims to be the country’s first floating solar plant, standing at 100kW at the El Peñol reservoir. The pilot project will test the technology and its fundamentals in comparison to ground-mount and rooftop systems. For this purpose, traditional […]
Colombia March Crude Output up 6.5% vs Year Ago
(Reuters, 17.Apr.2018) – Crude oil production in Colombia reached an average of 856,478 barrels per day (bpd) in March, the Mines and Energy Ministry said on Monday, up 6.5 percent compared with the same month a year ago. Natural gas production for March totaled 937.4 million cubic feet per day, […]
Ecopetrol Reports Highest Net Income in Last 4 Years
(Energy Analytics Institute, Jared Yamin, 15.Apr.2018) ‐- During the first three months of 2018, Ecopetrol reported its highest quarterly net income in the last four years. Colombia’s state oil company Ecopetrol announced its net income rose 195% in the first quarter of 2018 to COL$2,625 billion Colombian pesos compared to […]
Colombia’s Attorney General to Investigate Ecopetrol Oil Spill
(Reuters, 3.Apr.2018) – Colombia’s attorney general’s office on Monday launched an investigation to determine whether officials from state-run oil company Ecopetrol could be held criminally responsible for a oil spill of 550 barrels in Santander province. The Lisama 158 well, which was in the process of being shut down because […]
Frontera Energy to Double Investment in Colombia, Peru
(Reuters, 2.Apr.2018) – Canada’s Frontera Energy Corp named a new chief executive on Monday, and said it plans to more than double its investment in operations in Colombia and Peru during 2018, to up to $500 million. Frontera will direct between $225 million and $240 million of investment to new […]
Expert Urges Faster Global Transition to Clean Energy
(Efe, 23.Mar.2018) – The world must accelerate its transition from a carbon-based to a clean energy-based economy to put the brakes on a climate catastrophe that already causes 4.8 million deaths annually, the director of an organization that aims to facilitate understanding of global climate change said Friday at a […]
Colombia And A Shift To Unconventional Oil And Gas?
(McDaniel, 30.Sep.2017) — Colombia is a positive example of a country re-structuring but investment is still required to replenish reserves & production levels, according to McDaniel & Associate Consultants Ltd.’s Derrick Dao, P. DOWNLOAD REPORT: Colombia: a shift to unconventional oil and gas? __________ By McDaniel & Associate Consultants Ltd.’s […]
Pacific Changes Name To Frontera Energy Corporation
(Pacific Rubiales, 12.Jun.2017) — Pacific Exploration & Production Corporation changed its corporate name to Frontera Energy Corporation to mark the beginning of a new era for the Company. The Company’s common shares are expected to commence trading on the Toronto Stock Exchange under the new name and ticker symbol TSX:FEC […]
SAExploration Signs Three Year Agreement With Hocol In Colombia
(SAExploration, 12.Apr.2017) — SAExploration Holdings, Inc. (SAE) announced the signing of a three year agreement with Hocol S.A. to be its provider of seismic acquisition services in Colombia. Founded in 1956, Hocol S.A. is a subsidiary of Ecopetrol S.A., the national oil company in Colombia, and is focused on exploration […]
Colombia to Benefit from Internationalizing Currency
(Energy Analytics Institute, Ian Silverman, 15.Mar.2017) – The Oxford Business Group said that Colombia only stands to benefit from further internationalizing its currency as it attempts to diversify its sources of foreign exchange, reported the Trinidad Guardian newspaper, citing a report last month launched at Lloyds of London during a […]
Colombia’s TermoCandelaria Fined 35.4 Bln Pesos
(Energy Analytics Institute, Jared Yamin, 10.Mar.2017) – Colombian energy generator TermoCandelaria was fined 35,410 million pesos, equivalent to 48,000 minimum salaries, by the country’s Public Services Superintendent. The entity justified its fine by saying the company had put the entire electrical system at risk in an ‘unjust manner’ during a […]
Gran Tierra to Make Normal Course Issuer Bid
(Gran Tierra Energy Inc., 1.Mar.2017) – Gran Tierra Energy Inc. intends to implement a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX) and the NYSE MKT. Pursuant to the Bid and subject to regulatory approval, Gran Tierra would be able to purchase for cancellation up […]
GeoPark Announces Expansion of Tigana/Jacana
(GeoPark Limited, 2.Mar.2017) – GeoPark Limited announced the successful drilling and testing of the Jacana 11 appraisal well in the Jacana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia. GeoPark drilled and completed the Jacana 11 appraisal well to a total depth […]
Gran Tierra Energy Provides Operational Update
(Gran Tierra Energy Inc., 1.Mar.2017) – Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented “2017 is off to an exciting start for Gran Tierra. We are pleased to report that the Acordionero field in the Middle Magdalena Basin continues to exceed our expectations and are encouraged by […]
Ecopetrol’s Annual General Shareholders’ Meeting
(Ecopetrol, 27.Feb.2017) – The Chief Executive Officer of Ecopetrol S.A. announced details of the Annual General Shareholders’ Meeting held on March 31, 2017 at the International Center of Business and Exhibitions (Centro Internacional de Negocios y Exposiciones, Corferias), Bogotá, Colombia. The agenda for the meeting included: — Safety guidelines — […]
Ecopetrol Reserves Fall to 1,598 MMboe in 2016
(Ecopetrol S.A., 17.Feb.2017) – This valuation was made at a regulatory price of $44.5/barrel, lower prices negatively impacted 202 million barrels … Ecopetrol S.A. announced its proven reserves (1P, according to the international designation) of crude oil, condensate and natural gas owned by the company, including its interest in affiliates […]
Ecopetrol Auction Related to EEB Declared Void
(Ecopetrol S.A., 15.Feb.2017) – Ecopetrol S.A. reported results of the fourth auction corresponding to Stage Two of the Program to Transfer and Award its 28,465,035 shares of Empresa de Energía de Bogotá S.A. E.S.P. The bidding session was declared void. ***
FSRU Höegh Grace Receiving Cargo In Colombia [Video]
(LNG World, 10.Feb.2017) — Norway-based Höegh LNG’s FSRU Höegh Grace began commercial operations in Cartagena, Colombia at the end of last year. The Höegh Grace, used as Colombia’s first LNG import terminal, started operating under the 20-year contract Höegh LNG has with Sociedad Portuaria El Cayao (SPEC), after completing the regasification trials. […]
Ecopetrol Notice for Empresa de Energía de Bogota
(Ecopetrol S.A., 8.Feb.2017) – Ecopetrol S.A. announced on February 8, 2017, as established in the Offering Notice of Second Stage, the company published the offering notice regarding the fourth auction for the second stage of Ecopetrol’s equity divestment plan for its shares in Empresa de Energía de Bogota S.A. E.S.P. […]
GeoPark Says 2P Reserves Valued at $1.9 Bln
(GeoPark Limited, 6.Feb.2017) – GeoPark Limited announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2016. Year-End 2016 D&M Certified Reserves and Company Highlights: — Per Share Value: Net debt adjusted 2P NPV10 increased by 19% to $23.6 […]
GeoPark Announces Development Successes in Colombia
(GeoPark Limited, 2.Feb.2017) – GeoPark Limited announced new drilling successes in the Llanos 34 Block (GeoPark operated with a 45% working interest), in Colombia, consisting of: Discovery of the new Chiricoca oil field, following the successful drilling and testing of the Chiricoca 1 exploration well, and Further expansion of the […]
Gran Tierra Reports 4Q:16 and YE:16 Results
(Gran Tierra Energy Inc., 30.Jan.2017) – Gran Tierra Energy Inc. announced its financial and operating results for the fourth quarter and year ended December 31, 2016. Unless otherwise expressly stated, all reserves and resources values have been calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for […]
Gran Tierra Reports 91% Rise in 2P Reserves
(Gran Tierra Energy Inc., 23.Jan.2017) – Gran Tierra Energy Inc. announced its 2016 year-end estimated reserves as evaluated by independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. in a report with an effective date of December 31, 2016. Gran Tierra has also updated its corporate presentation, which is available […]
Venezuela Sales Gasoline in Colombian Pesos
(Energy Analytics Institute, Piero Stewart, 4.Jan.2017) – Venezuela, the South American country with the region’s largest crude oil and natural gas reserves, initiated the sale of its gasoline in Paraguachón, located in the La Guajira Department in Colombia. Cooperation between the governments of Colombia and Venezuela has allowed activities to […]
GeoPark Announces Drilling Success in Colombia
(GeoPark Limited, 4.Jan.2017) – GeoPark Limited announced the successful drilling and testing of the Tigana Sur 4 development well in the Tigana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia, resulting in consolidated net exit production of approximately 24,400 boepd. GeoPark drilled […]
GeoPark Appoints Dingman to Its Board of Directors
(GeoPark Limited, 4.Jan.2017) – GeoPark Limited announced appointment of Mr. Michael D. Dingman as a new member of the Board of Directors of the company, effective January 1, 2017. Dingman is a respected and successful international investor, businessman and philanthropist, with more than 50 years of investment experience and an […]
Fitch Improves Ecopetrol’s Rating Outlook
(Fitch, 1.Jan.2017) – Ecopetrol S.A. reported that on March 14, 2017, rating agency Fitch Ratings improved the outlook for the company’s rating from a negative to a stable outlook. At the same time it maintained the local and foreign currency long-term risk rating at BBB. According to Fitch, the improved […]
Fitch Reaffirms Ecopetrol Investment Grade
(Ecopetrol, 12.Dec.2016) – Ecopetrol S.A. reported the risk rating agency Fitch Ratings kept the company at investment grade, with an international rating of BBB. Fitch notes the important link between the company and the Republic of Colombia’s rating, and the Ecopetrol business group’s strategic relevance to the country. The agency […]
Ecopetrol Notice Regarding ISA Divestment Plan
(Ecopetrol, 10.Dec.2016) – Ecopetrol S.A. announced that on December 10, 2016, as established in the Offering Notice of Second Stage, the company published the offering notice regarding the fourth auction for the second stage of Ecopetrol’s equity divestment plan for its shares in Interconexión Eléctrica S.A. E.S.P (ISA) in a […]
Gran Tierra Common Stock Offering
(Gran Tierra Energy Inc., 29.Nov.2016) – Gran Tierra Energy Inc. closed the previously announced underwritten public offering of shares of its common stock. The company sold 43,335,000 shares of its common stock at a public offering price of US$3 per share, for aggregate gross proceeds to the company of approximately […]
Gran Tierra Announces Successful Putumayo Bid
(Gran Tierra Energy Inc., 28.Nov.2016) – Gran Tierra Energy Inc. announced that it submitted winning bids totaling a combined $30.4 million for two blocks which Ecopetrol S.A., Colombia’s national oil company, offered as part of the Ronda Campos Ecopetrol 2016 (Bid Round) in an electronic live auction held on November […]
GeoPark Announces Expansion of Jacana Oil Field
(GeoPark Limited, 23.Nov.2016) – GeoPark Limited announced the successful testing of the Jacana 6 appraisal well in the Jacana Oil Field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia. GeoPark drilled and completed the Jacana 6 appraisal well to a total depth of 11,684 […]
Venezuela to soon initiate gas shipments to Colombia
(Energy Analytics Institute, Piero Stewart, 4.Jul.2016) – Venezuela plans to soon initiate shipments of natural gas to Colombia, reported Venezuela’s new agency AVN, citing the country’s Oil Minister Eulogio Del Pino. The gas will come from the Perla field offshore, which is part of the Cardon IV project.
Ecopetrol Offers 20 Production Assets
(Ecopetrol S.A., 24.Jun.2016) – Ecopetrol S.A. announced that it launched ‘Ronda Campos 2016,’ a public and competitive bidding process, the objective of which is to offer to oil and gas companies Ecopetrol’s stake and interests in 20 production assets located in the regions of Catatumbo, the Magdalena Middle and Upper […]
Fuel Demand in Colombia Increases with Closing of Venezuelan Border
(Energy Analytics Institute, Jared Yamin, 15.Jun.2016) – Demand for fuels in Colombia increased 11 percent due to the closing of the border with Venezuela, wrote Colombia’s Energy Vice Minister in a twitter post. The public policy is the assurance of the continuous supply of liquids, and even better when there […]
Ecopetrol Prices $500mn Debt Offering
(Ecopetrol, 10.Jun.2016) — Ecopetrol S.A. reports that, on 8 June 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of 7 June 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond for […]
Ecopetrol Successfully Prices Int’l Bond for $500 Mln
(Ecopetrol S.A. 10.Jun.2016) – Ecopetrol S.A. reports that, on June 8, 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of June 7, 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond […]
GeoPark Initiates Drilling Campaign in Colombia
(GeoPark Limited, 8.Jun.2016) – GeoPark Limited announced the start-up of its drilling program in the Llanos 34 Block (GeoPark operated with a 45 percent working interest) in Colombia. GeoPark’s 2016 drilling program in the Llanos 34 Block commenced the second week of June with the spudding of the Jacana 3 […]
Gran Tierra Announces Chaza Arbitration Resolution
(Gran Tierra Energy Inc., 8.Jun.2016) – Gran Tierra Energy Inc. announced the receipt of a positive decision from the Chamber of Commerce of Bogotá Center for Arbitration and Conciliation tribunal relating to its dispute with the Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) of Colombia (ANH) with respect to whether […]
Fitch Rates Reopening of Ecopetrol Notes
(Fitch Ratings, 8.Jun.2018) – Fitch Ratings rates the $500 million reopening of Ecopetrol S.A.’s 5.875% notes due in 2023 ‘BBB’. The company expects to use the proceeds from the proposed reopening for general corporate purposes, including capital expenditures. Fitch’s Foreign and Local Currency Issuer Default Ratings (IDRs) for Ecopetrol are […]
Ecopetrol Continues Hedge Accounting Policy
(Ecopetrol S.A., 7.Jun.2016) – Ecopetrol S.A. announced that its Board of Directors, in a session held on June 6, 2016, approved the implementation of “Hedge of a net investment in a foreign operation” accounting as established under the International Accounting Standard IAS 39 (paragraph 102) and Decrees 2420 and 2496 […]
Company Profile: Oleoducto Central S.A. (Ocensa)
(Moody’s, 4.Jun.2016) – Oleoducto Central S.A. (Ocensa) is the largest crude oil pipeline and the only public-use pipeline in Colombia. Its pipeline is ~845 km in length with 745,000 b/d of capacity starting in mid-2016. Ocensa connects the country’s largest crude producing fields in the Llanos Basin at El Porvenir […]
Ecopetrol Equity Divestment Plan for EEB Shares
(Ecopetrol S.A. 2.Jun.2016) – Ecopetrol S.A. announced that on June 1, 2016, through the X-STREAM trading system of the Colombian Stock Exchange (Bolsa de Valores de Colombia S.A.), the second auction was held for the second stage of the program to divest and sell 278,225,586 of Ecopetrol’s shares of the […]
Colombia Needs Investments of $7 Bln
(Energy Analytics Institute, Jared Yamin, 1.Jun.2016) – Colombia needs to invest an estimated $7 billion per year over a ten-year period or under to remain self-sufficient in the production of petroleum. The outlook for Colombia’s petroleum sector in terms of self-sufficient is ‘reserved,’ reported the daily newspaper El Tiempo, citing […]