World Oil (Bloomberg) – Colombia’s state oil company, Ecopetrol SA, has decided against buying a $3.6 billion stake in Permian Basin assets from Occidental Petroleum Corp. The company told Occidental Wednesday that it had opted not to acquire the 30% stake in the assets it has agreed to buy from CrownRock LP, according to a filing Thursday. The stock of
World Oil (Bloomberg) – Ecopetrol SA expects offshore natural gas from Colombia to come online as soon as 2029, two years later than previously anticipated and not in time to curb a looming fuel shortfall. Colombia is set to face a gap between its domestic supply of natural gas and total demand beginning next year. The fuel gap of around
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
U.S. News BOGOTA – Colombia’s majority state-owned energy company Ecopetrol is analyzing its potential direct participation in the Andean country’s first-ever offshore wind auction, the company said in a statement to Reuters. The government of President Gustavo Petro, Colombia’s first leftist leader, has said it wants to wean the Andean country from its dependence on fossil fuels while ensuring energy
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
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
Reuters BOGOTA – Colombia’s Ecopetrol must focus on growing its oil and gas production to fund the transition towards renewables, said Saul Kattan, the chairman of the majority state-run energy company. Colombia could be a world leader in production of renewables like wind and green hydrogen, Kattan told Reuters late on Wednesday, but the company, the largest in the country,
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
Reuters BOGOTA – Colombia will hold a second bidding round to potentially grant contracts to companies interested in exploring non-conventional oil and gas deposits, using techniques like fracking, the National Hydrocarbons Agency (ANH) said. Majority state-owned oil company Ecopetrol ECO.CN, Exxonmobil XOM.N, and Drummond already have contracts for investigative projects and may submit offers in this new round, as can other companies,
Reuters Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday. Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping to negative $40 a barrel on April 20 as supplies ballooned while
Reuters BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will look to increase the number of exploratory wells it has planned through 2022 to up to 45 in a bid to further bolster reserves, company executives said on Wednesday. Ecopetrol will also roll over $434 million in debt set to expire this year, the executives said. Ecopetrol drilled 20 wells
