(Energy Analytics Institute, 14.Nov.2024) — Bogotá-based Ecopetrol continues with efforts aimed at delivering natural gas to the Colombian market. To this end, the state-owned company plans to offer a firm 18 GBTUD of gas in additional to the 16 GBTUD announced last week, for a total of 34 GBTUD, the company […]
Category: Colombia
Colombia energy
Colombian Gov’t Eager for Post-fossil Fuels Economy. But Costs are a Barrier
BOGOTA, COLOMBIA (AP, 14.Nov.2024) — Colombia’s fiery left-wing President Gustavo Petro is one of the biggest opponents of fossil fuels on the world stage today, with speeches that lump oil and coal with cocaine as his country’s “three poisons.” He’s set a goal of weaning Colombia off those fossil fuels, […]
Ecopetrol Reveals 3Q:24 Results (PDF Downloads)
(Ecopetrol, 12.Nov.2024) — For the nine months of 2024 (9M24), the Ecopetrol Group has proved once again its ability to overcome challenges and turn them into opportunities through determination and resilience. Despite a defiant global environment, marked by fluctuations in international oil prices and adjustments in global supply and demand, […]
GeoPark and Hocol Confirm Finds, Exploration Progress in Llanos Basin Blocks
(GeoPark, 12.Nov.2024) — GeoPark announces the achievements made in 2024 together with its partner Hocol, a subsidiary of the Ecopetrol Group, in the joint exploration of the Llanos 86, Llanos 87, Llanos 104, Llanos 124 and Llanos 123 blocks in the Llanos basin, Colombia. Llanos 123 Block discoveries and delimitation […]
LatAm NRG Matters: Highlights, Heard for the Week Ended 8 Nov. 2024
(Energy Analytics Institute, 8.Nov.2024) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 8 Nov. 2024. —Argentina: YPF execs. met in Buenos Aires w/ the Chancellor of Hungry to discuss the Argentina LNG project. —Ecuador: Ecuador is looking to acquire 195MW from private cos. in […]
Fitch Maintains Ecopetrol’s Overall Credit Rating at BB+
(Energy Analytics Institute, 8.Nov.2024) — Fitch Ratings on 6 Nov. 2024 revealed that its was maintaining its global credit rating for Ecopetrol at BB+ with a stable outlook. However, Fitch, in a report on Ecopetrol and Colombia, downgraded the Standalone Credit Profile (“SCP”) from ‘bbb’ to ‘bbb-‘ while it affirmed the national long-term and short-term ratings of Ecopetrol at ‘AAA […]
Frontera Reports 3Q:24 Results, Updates on LatAm Portfolio (PDF Download)
(Frontera, 6.Nov.2024) — Frontera Energy Corporation reported financial and operational results for the third quarter ended 30 Sep. 2024. All financial amounts in this news release are in United States dollars, unless otherwise stated. Gabriel de Alba, Chairman of the Board of Directors, commented: “Frontera remains focused on the execution […]
LatAm NRG matters: highlights, heard from Pampa Energia to Ecopetrol and Petrobras
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 1.Nov.2024, Words: 489) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 1 Nov. 2024. —Argentina: Citigroup downgraded Pampa Energia to neutral from buy, adjusted its price target to $75/shr v $58/shr; Citigroup also upgraded YPF to buy […]
Ecopetrol and Petrobras to continue exploration offshore Colombia
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 31.Oct.2024, Words: 219) — Colombia’s state-owned Ecopetrol S.A. said the Santa Marta Tribunal issued a favorable decision regarding an appeal against the claim (acción de tutela) filed by the Indigenous Council of Taganga. This new ruling allows Ecopetrol and its Brazilian counterpart […]
Ecopetrol Announces Full Redemption of its Notes due 2026
(Ecopetrol, 29.Oct.2024) — Ecopetrol S.A. will redeem the outstanding balance of its 5.375% notes maturing in Jun. 2026 (CUSIP: 279158 AL3 / ISIN: US279158AL39) (the “2026 Notes”), which were issued in 2015. The outstanding balance of the 2026 Notes is $447,168,000. The expected redemption date of the 2026 Notes is […]
LatAm NRG Matters: Highlights, Heard for the Week Ended 25 Oct. 2024
(Energy Analytics Institute, 25.Oct.2024) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 25 Oct. 2024. —Argentina: Oil production reached 740.8 Mb/d in Sep. 2024, up 14.7% y-o-y, while gas production reached 147.1 MMcm/d, up 2.9% y-o-y, the Secretariat of Energy said. —Argentina: Argentine gas […]
CAF and O.N.E. Amazon to Promote Amazon Conservation
(O.N.E. Amazon, 25.Oct.2024) — In the context of COP16 in Cali, CAF and O.N.E. Amazon have joined forces to protect and conserve the Amazon rainforest, one of the most crucial and biodiverse natural ecosystems on the planet. The agreement establishes a framework for collaboration on an instrument that transforms the […]
Aris Mining Prices $450mn Senior Notes Offering
(Energy Analytics Institute, 24.Oct.2024) — Aris Mining Corporation priced its offering of 8.000% Senior Notes due 2029. The offering, which was for $450mn, is expected to close on or about 31 Oct. 2024, said Aris, a gold miner in the Americas, in an official statement posted on its website on […]
Ecopetrol Appoints Carlos Mauricio Avila Saldarriaga as VP
(Ecopetrol, 18.Oct.2024) — Ecopetrol S.A. revealed the following senior management appointments, which were made effective as of 16 Oct. 2024: Carlos Mauricio Avila Saldarriaga was appointed as Vice President of Subsidiaries and Assets with Partners. Carlos is a Petroleum Engineer from Universidad América, with further education in finance, project management […]
IEA: Colombia 3Q:24 Gas Market Report Update
(International Energy Agency, 18.Oct.2024) — In Colombia in Jan. 2024 the government declared a national disaster situation for a period of 12 months due to the impact of the El Niño weather phenomenon, which brought extreme drought and sizzling heatwaves. While Colombia’s hydropower output decreased by over 25% y-o-y from […]
Ecopetrol to Liquidate Ecopetrol Energia S.A.S E.S.P.
(Energy Analytics Institute, 10.Oct.2024) — Shareholders of Ecopetrol Energia S.A.S E.S.P. voted with an 100% affirmative vote to authorize its liquidator, Christian Schneider Jaramillo, to carry out all the necessary steps for the due liquidation of this company. Ecopetrol Energia, which was responsible for the commercialization of energy, cancelled its […]
Ecopetrol Commences Cash Tender Offer for 5.375% Notes
(Ecopetrol, 8.Oct.2024) — Ecopetrol S.A. announced commencement of a cash tender offer (the “Offer”), to purchase any and all of its outstanding 5.375% Notes due 2026 (the “Securities”), upon the terms and subject to the conditions set forth in Ecopetrol’s Offer to Purchase, dated 8 Oct. 2024 (as the same […]
GeoPark Announces 3Q:24 Operational Update
(GeoPark, 9.Oct.2024) — GeoPark Limited announces its operational update for the three-month period ended 30 Sep. 2024 (“3Q:24”). Oil and Gas Production and Operations Llanos 34 Block: Secondary Recovery Continues CPO-5 Block: Production Remains Close to Record Levels Argentina: Mata Mora Norte Block in the Vaca Muerta Top 10 Llanos […]
Ecopetrol Says Importation of Venezuela Gas Viable
(Energy Analytics Institute, 4.Oct.2024) — Ecopetrol SA president Ricardo Roa has analyzed the natural gas deficit in Colombia and stressed that the reactivation of Venezuelan gas imports could be a feasible solution, as long as Repsol SA provides the supply. During the VII Oil, Gas and Energy Summit, Roa mentioned […]
LatAmNRG matters, highlights, heard: Argentina LNG, $7.3bn Amber-Citgo deal
HOUSTON, TEXAS (By editors at Energy Analytics Institute, 4.Oct.2024, Words: 423) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 4 Oct. 2024. LATIN AMERICA —Argentina: Malaysian energy giant Petronas, which has generated a ton of noise in recent wks about its rumored departure from […]
Petrobras says Uchuva-1/Uchuva-2 gas potential is around 6 Tcf
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 3.Oct.2024) — Petrobras, following up on the announcements issued on 29 Jul. 2022 and 5 Aug. 2024 on the extension of the gas discoveries in the Uchuva-1 and Uchuva-2 wells, renamed Sirius-1 and Sirius-2, says the gas potential in the discoveries is […]
Idea of Colombia Importing Gas from Venezuela ‘Big Distraction,’ Ex-minister Says
(Reuters, 2.Oct.2024) — Debate in Colombia over the possibility of importing gas from Venezuela “has been a big distraction” amid concerns about Colombia’s future energy self sufficiency, former minister of mines and energy Tomas Gonzalez said on Wednesday. Colombia’s government and majority state-owned energy company Ecopetrol have repeatedly floated importing […]
Ecopetrol Appoints Hurtado as Upstream VP
(Energy Analytics Institute, 1.Oct.2024) — Colombian state-owned Ecopetrol S.A. announced Juan Carlos Hurtado Parra as Vice President of the Upstream segment. The appointment has been made as part of the implementation of the new organizational structure announced on 6 Jun. 2024, Ecopetrol announced 1 Oct. 2024 in an official statement. […]
Frontera to Amend Substantial Issuer Bid
(Frontera, 25.Sep.2024) — Frontera Energy Corporation will amend its previously announced substantial issuer bid (the “Offer”) to remove the preferential acceptance of “odd lot” tenders, which are tenders from holders (“Shareholders”) of common shares of the company (the “Shares”) who beneficially own fewer than 100 Shares. There will be no […]
Ecopetrol changes names of projects offshore Colombia
PANAMA CITY, PANAMA (Energy Analytics Institute, 24.Sep.2024) — Colombia’s state-owned Ecopetrol S.A., in compliance with the ruling issued by the Fourth Labor Court of the Santa Marta Circuit, announced it will no longer use the names “Uchuva” and “Tayrona” to refer to its offshore exploration projects in the Colombian Caribbean, […]
Ecopetrol and Petrobras ordered to halt drilling at gas well offshore Colombia
BOGOTA, COLOMBIA (Bloomberg, 13.Sep.2024, Words: 294) — A Colombian judge ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of a gas well in the nation’s Caribbean waters after an Indigenous community sought legal protection. The community in the area of Taganga, near the city of Santa Marta, […]
Ecopetrol Announces Settlement of its Global Notes due 2026
(Ecopetrol, 5.Sep.2024) — Ecopetrol S.A. announces that today was the settlement of the partial make whole of the Notes due 2026, originally issued in 2015 for a nominal amount of US$1.5bn. This make whole covered a notional amount of US$250mn and the repurchase price was US$1,014.41per US$1,000 of principal, for a total of US$253,602,675.24, plus accrued interest up to […]
Frontera Reveals $30mn Substantial Issuer Bid
(Frontera, 4.Sep.2024) — Frontera Energy Corporation announces that its board of directors has approved the commencement of a substantial issuer bid (the “Offer“) pursuant to which the company will offer to purchase from holders (“Shareholders“) of common shares of the company (the “Shares“) up to 3,375,000 Shares for cancellation at […]
Ecopetrol Reveals Senior Management Changes
(Ecopetrol, 3.Sep.2024) — Ecopetrol S.A. announces that the Board of Directors made the following appointments on 30 Aug. 2024: Ecopetrol also announces that Nicolás Azcuénaga Ramírez, whose current position is Corporate Vice President of Strategy and New Businesses, will hold that position until 15 Sep. 2024, terminating his contract by […]
Oxy, CrownRock and Ecopetrol BODs Resignations
(Ecopetrol, 3.Sep.2024) — Ecopetrol S.A. announces that the directors Juan José Echavarría and Luis Alberto Zuleta presented their resignations as independent members of the company’s Board of Directors, in the terms of the communication that the media previously released to the public. This resignation was presented and made known to […]
EAI’s NRGBriefs: Aug. 2024
(Energy Analytics Institute, 31.Aug.2024) — Energy briefs as well as others related to finance and projects during Aug. 2024 including Petrobras achieving its main target at the Uchuva-2 well offshore Colombia; Golar LNG and bp entering into commercial reset arrangements for FLNG Gimi; and more. LATIN AMERICA AND THE CARIBBEAN […]
Interoil Exploitation Activity in Colombia
(Interoil, 30.Aug.2024) — Interoil Exploration and Production ASA’s Colombian subsidiary, Interoil Colombia Exploration and Production (ICEP), shall carry out a campaign aimed at improving substantially the current production from all its operated fields in Colombia. This activity includes the reopening of shut-in wells in Maná, Río Opia and Ambrosia Fields, […]
Ecopetrol to Execute $250mn Loan Agreement with International Bank
(Ecopetrol, 21.Aug.2024) — Ecopetrol S.A. announces that the Ministry of Finance and Public Credit (MHCP) has authorized Ecopetrol to execute a loan agreement for up to two-hundred fifty million dollars through Resolution 2476 dated August 20, 2024. The loan is expected to be executed by and between the company, as borrower, and Sumitomo Mitsui […]
GeoPark Reports Second Quarter 2024 Results
(GeoPark, 14.Aug.2024) — GeoPark Limited reports its consolidated financial results for the three-month period ended 30 June 2024 (“Second Quarter” or “2Q2024”). A conference call to discuss these financial results will be held on 15 Aug. 2024, at 10:00 am (Eastern Daylight Time). SECOND QUARTER 2024 FINANCIAL SUMMARY In 2Q2024, […]
Ecopetrol Reveals 2Q:24 Results
(Ecopetrol, 12.Aug.2024) — During the Second Quarter of 2024 (2Q24), Ecopetrol Group confronted a challenging environment, which continues to be impacted by several external variables, including the revaluation of the Colombian peso, inflationary pressures, and a decrease in the prices of our refined products. We managed these challenges with resilience, maximizing operational […]
Ecopetrol on Partial Redemption of $250mn Notes due 2026
(Ecopetrol, 7.Aug.2024) — Ecopetrol S.A. announces that, as part of its comprehensive debt management strategy, it will redeem U.S.$250mn of its 5.375% Notes due 2026 (the “Notes”) (CUSIP: 279158 AL3 / ISIN: US279158AL39). The outstanding balance of the Notes is U.S.$1.5bn as of the date hereof. The redemption date of the bonds […]
Petrobras Confirms Gas Find Offshore Colombia at Uchuva-2
(Petrobras, 5.Aug.2024) — Petrobras, following up on the release disclosed on 29 July 2022, has achieved the main target of the Uchuva-2 well, confirming the extent of the gas discovery made in 2022 with the drilling of the Uchuva-1 well. This well adds relevant information for the development of a new […]
Ecopetrol on Senior Management Moves
(Ecopetrol, 31.Jul.2024) — Ecopetrol S.A. informs that the Board of Directors, in its meeting held on 31 July, 2024 adopted the following decisions: As part of the implementation of the new organizational structure, approved and announced on 6 June, the following permanent appointments were made: ____________________
Fitch Maintains Ecopetrol’s Rating at BB+
(Ecopetrol, 30.Jul.2024) — Ecopetrol S.A. said the credit rating agency Fitch Ratings maintained the company’s credit rating at BB+ with a stable outlook. Additionally, the agency reaffirmed the company’s national long- and short-term ratings at ‘AAA(col)’ and ‘F1+(col)’, respectively, both with a stable outlook. The rating agency highlighted Ecopetrol’s solid financial […]
Frontera Energy announces agreement between Puerto Bahia and GASCO
(Frontera, 22.Jul.2024) — Frontera Energy Corporation announced that its subsidiary, Sociedad Portuaria Puerto Bahía S.A. and Gasco Soluciones Logísticas y Energéticas S.A.S. have entered into a Framework Collaboration Agreement to jointly pursue a liquified petroleum gas (LPG) project at Puerto Bahia’s state-of-the-art liquids and dry cargo port terminal strategically located in the […]
Ecopetrol Informs of Ongoing Negotiations with Occidental
(Ecopetrol, 19.Jul.2024) — Ecopetrol S.A. informs that it is engaged in conversations with Occidental Petroleum Corp. (OXY) oriented to consider the potential acquisition by Ecopetrol of a certain percentage of assets owned by CrownRock, a company located in the United States. The percentage of the assets and the price that Ecopetrol would […]
Decisions of BODs of Ecopetrol
(Ecopetrol, 28.Jun.2024) — Ecopetrol S.A. informs that the Board of Directors, at its meeting held on 28 June 2024, appointed independent Director Gonzalo Hernández Jiménez as a member of the Audit and Risk Committee of the Board of Directors. The members of the Audit and Risk Committee are: Luis Alberto Zuleta Jaramillo (Chairman)Álvaro […]
Ecopetrol Reports Senior Management Changes
(Ecopetrol, 26.Jun.2024) — Ecopetrol S.A. informs that the Board of Directors, in its meeting held on 28 June 2024 adopted the following decisions: As part of the implementation of the new organizational structure, approved and reported on 6 June, the following appointments were made: Sandra Lucía Rodríguez, who currently serves as Vice President of […]
Ecopetrol Authorized to Execute Loans with Local Banks for COP 1tn
(Ecopetrol, 17.Jun.2024) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that through Resolution 1671 of 14 Jun. 2024, the Ministry of Finance and Public Credit (MHCP) authorized Ecopetrol to execute a loan agreement for up to 1tn Colombian pesos (COP). The loan is expected to be executed with Banco de Bogotá S.A. (COP 642bn), […]
Fact sheet: Colombian coal
(National Mining Agency, 9.Jun.2024) — Approximately 92% of coal production in Colombia is extracted in open-pit mining areas in the departments of Cesar and La Guajira, with thermal coal, which in general is exported. The remaining 8% is mined mainly underground in the departments of Cordoba, Antioquia, Valle and Cauca, with thermal coal, and […]
Colombia Will Suspend Coal Exports to Israel over War in Gaza
(AP, 8.Jun.2024)) — President Gustavo Petro announced on Saturday that his country will suspend coal exports to Israel over the war in Gaza, as relations sour between two countries that were once close military and commercial allies. Petro wrote on the social media platform X that coal exports will only resume “when […]
Black & Veatch Delivers Feasibility Study for Andes Energy LNG Terminal
(Black & Veatch, 7.Jun.2024) — Global liquefied natural gas (LNG) infrastructure solutions leader Black & Veatch has completed a feasibility study for the planned Andes Energy Terminal, LNG regasification terminal and power plant. The study assessed site suitability, project design requirements, capital and operating costs, financial viability, financing options, climate resilience, […]
Israel Risks Losing Colombian Coal Supplies over Gaza War
(Bloomberg, 6.Jun.2024) — Colombia’s trade ministry is calling for a restriction on coal sales to Israel in the latest bid to isolate the Jewish state as the death toll rises in its Gaza campaign. The ministry made the recommendation to “limit” shipments of the fuel to a committee that rules […]
Ecopetrol Reports on Registry of Amendments of its Bylaws
(Energy Analytics Institute, 30.May.2024) — Colombia’s state-owned Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reported that the amendment to its bylaws was registered with the Chamber of Commerce of Bogotá on 29 Mar. 2024. This amendment was approved by the General Shareholders’ Assembly in an ordinary session held on 22 Mar., and […]
Frontera Announces Annual Meeting Results
(Frontera, 23.May.2024) — Frontera Energy Corporation (TSX: FEC) announced the results from its 2024 annual meeting of shareholders held today (the “Meeting”). ELECTION OF DIRECTORS Shareholders elected each of the nominees proposed by management as set forth in the management information circular of the company dated 4 Apr. 2024. The total number […]