Oil Price Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country’s energy ministry. Energy Minister Andrés Camacho emphasized the government’s strategy to revitalize “lazy contracts”—agreements signed 10 to 15 years ago that have so far
World Oil (Bloomberg) – Board members of Colombia’s state oil company are objecting to President Gustavo Petro’s attempt to overhaul it with new directors as he works to wean the country off oil and gas. Ecopetrol SA’s governance committee issued a report Tuesday that said none of the five candidates proposed by Petro — elected in 2022 as Colombia’s first
World Oil (Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated. Officials said Thursday that they are now reevaluating the discovery, named Orca-1. In the processes of working to verify its size,
Nasdaq BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will invest between $5.7 billion and $6.7 billion and produce up to 730,000 barrels per day equivalent (boepd) in 2024, it said in a statement. A majority of that spending, about $4.8 billion, will go toward keeping production between 725,000 and 730,000 boepd, the company’s refineries at between 420,000 and 430,000 barrels
World Oil (Bloomberg) – NG Energy International Corp. expects an eight-fold boost in its natural gas production in Colombia after a new field begins production next year. The Toronto-based company sees its natural gas production rising to 60 MMcfd in the third quarter of 2024 as its Sinu-9 block comes online in the Lower Magdalena basin, according to Chief Financial
Nasdaq BOGOTA – Colombia’s majority state-owned oil company Ecopetrol on Thursday reported a new oil and gas discovery in Putumayo province. The Alqamari-2 well was drilled to a depth of 9,287 feet and saw daily flow of 1,800 barrels of oil, Ecopetrol said in a statement. The oil is a light hydrocarbon. The rate of associated gas that the well
World Oil (Bloomberg) – Ecopetrol SA’s top manager called for Colombia’s government to drop its opposition to new oil exploration, apparently revising his view that the ban was responsible. Chief Executive Officer Ricardo Roa told investors that he hoped more oil contracts and bidding rounds for exploration blocks would be forthcoming. “That’s what gives an oil company long-term stability,”
World Oil Publisher’s Note: Canacol Energy will be a presenter at EnerCom Dallas- The Energy Investment & ESG Conference in Dallas on April 18-19, 2023. Register now. (WO) — Canacol Energy Ltd. made three gas discoveries at Dividivi 1, Saxofon 1, and Chimela 1 in Colombia’s Middle Magdalena basin. The company also provided updates regarding its near-term drilling programs. Saxofon
World Oil (Bloomberg) –Colombia’s presidential front-runner Gustavo Petro is calling on ideological allies across Latin America and the world to join him in forming a new bloc to lead the economy away from fossil fuels. Oil and coal currently account for nearly half of Colombia’s exports, but Petro says if he becomes president this year, he’ll push to start phasing
Oil and Gas 360 STRONG FREE CASH FLOW GENERATION FUNDS INCREASED DEVELOPMENT AND EXPLORATION PROGRAM, DEBT REDUCTION AND BALANCE SHEET STRENGTHENING, AND CASH DIVIDENDS TO SHAREHOLDERS Bogota, Colombia – May 5, 2021 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia,
CALGARY, Alberta, April 21, 2021 (GLOBE NEWSWIRE) — Canacol Energy Ltd. (“Canacol” or the …
Reuters BOGOTA – Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging $4 billion to $5 billion
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