Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears…
Ecopetrol shares fall after Colombian Petro demands sale of US Fracking business
Ecopetrol, Colombia's largest state-owned energy company, fell by 2.20% to 2,005 pesos (US $0.48) each in the early hours of trading on Wednesday. This was after President Gustavo Petro demanded that the company sell its U.S. Fracking business. Petro's remarks late on Tuesday…
Colombia's Petro wants Ecopetrol to sell its fracking operations.
The Colombian president Gustavo Petro called on Tuesday for the sale by Ecopetrol of its fracking operations within the United States in order to invest in renewable energy. In an unusual live broadcast, the leftist leader made his request to Andres Camacho, minister of mines, energy and environment.
Colombia's Ecopetrol extends joint venture agreement with Occidental Petroleum for Permian Basin
Ecopetrol, a Colombian energy firm, announced on Monday that it had reached an agreement with Occidental Petroleum to renew their oil joint venture in the U.S. Permian Basin in Texas. The future of the joint-venture was uncertain after Ecopetrol – which is majority owned by…
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT…
Trump calls for OPEC price reductions
The oil prices dropped more than 1% Monday, after U.S. president Trump asked OPEC for a price reduction following his announcement of sweeping measures to increase U.S. gas and oil production in his first weeks in office. Brent crude futures fell 87 cents or 1.11% to $77.63 per barrel at 0043 GMT, after closing up 21 cents Friday. U.S.
Colombia's President suspends peace negotiations with ELN rebels
The Colombian president Gustavo Petro halted peace talks on Friday with the leftist National Liberation Army, (ELN), after accusing them of committing a crime against humanity in the Catatumbo area, located in Norte de Santander, the province in which the country is situated.
China's lead in coal imports over India is the largest it has been in more than 10 years
China, the largest coal importer in the world, has extended its lead over India, No. The gap between China and India, the world's No. 2 coal buyer last year, was the largest since at least 2013. Customs data show. This helped cement its grip on global markets while also helping to stem a price slide.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022.
Colombia's Ecopetrol signs agreement with Parex Resources for oil and gas development
Ecopetrol, Colombia's largest state-owned energy firm, announced on Wednesday that it had signed five agreements to enhance the production of oil and natural gas in the Andean nation. The first four agreements will involve an investment of $350 million. These projects are planned in Colombia's Putumayo Province and Narino Province.
Ecopetrol's Colombian third-quarter profits drop by 28%
Ecopetrol, Colombia's largest state-owned oil company, reported on Wednesday a 28% decline in its third-quarter net profits to 3.65 trillion Pesos ($826.95 millions) compared with the same period in 2013. The main reason for the drop was the fall in value of the Colombian currency.
Enel reports 6.5% increase in core profit for the 9-mth period on renewable energy growth
Enel, Italy's largest utility, announced on Wednesday that its core profit for the nine months ended September rose by 6.5% on an annual basis, largely due to a strong production of renewable energy, which compensated more than enough for a drop in retail electricity prices in Italy.
Climate Investment Funds Board backs $1 billion Turkey grid upgrade project
Climate Investment Funds, a multilateral lender, has announced that it will provide an initial investment of $1 billion to support a plan to upgrade Turkey’s electricity grid to handle more renewable energy. The CIF board approved a $70million investment from its Renewable Energy Integration Investment Platform (REI)…
Colombian court reverses order to suspend gas well off Caribbean coast
On Wednesday, a Colombian court overturned a previous court order that was issued last month, which had suspended operations at Sirius-2 (formerly known as Uchuva-2), a major offshore gas well. The ruling was issued on October 29, following a complaint from Indigenous communities…
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol…
Colombia and Ecuador battle to protect vital wetlands during drought
As water and energy restrictions hit both countries, rural communities in Colombia and Ecuador fight to protect fragile high altitude wetlands which regulate the area's waters cycles. Scientists say that climate change and human activity have exacerbated the effects of El Nino, which has led to drought in Colombia and Ecuador.
Colombian electoral authority asks for investigation into Petro campaign funding
In a press release, the National Electoral Council of Colombia (CNE), said that it had requested an investigation of the election campaign for 2022 of President Gustavo Petro due to alleged violations of funding limits. The majority of nine magistrates approved an investigation…
Minister: Colombia and Germany in discussions over debt swaps
HAMBURG - On Monday, the Foreign Minister of Colombia, Luis Gilberto Murillo, said that the country is in discussions with Germany about a debt for nature swap to help fund a $40 billion plan by the country to move away from fossil fuels while protecting the environment. Last month…
Petrobras claims that the Sirius gas field in Colombia could produce 13.3 million cubic metres of gas per day.
Petrobras' exploration general manager Rogerio Soares, who spoke at a conference for the industry on Thursday, said that Colombia's offshore Sirius well could produce 13.3 million cubic metres per day in 10 years. Soares, speaking at the Colombian Petroleum Association (ACP)'s forum on oil and gas in Cartagena…
Official: Colombia advances in geothermal energy bid round
Orlando Velandia said that Colombia has made progress in organizing a bid round for geothermal licenses at a Tuesday industry event held in Cartagena, a Caribbean city. It is a top priority for the government of President Gustavo Petro, who is a leftist. Velandia said that the process could start by the end this year.
