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.
Zelestra, a Spanish company, opens a $200 million solar park for Colombia
As part of their expansion into Latin America, the Spanish renewable energy company Zelestra opened on Friday its first solar farm in Colombia. The park is worth $200 million, and it will generate 144 Megawatts of power. The solar park can be found near Monteria, the capital of Colombia’s Cordoba Province.
Analysts say that Colombia must develop a natgas plan soon to prevent blackouts.
If it wants to prevent power blackouts in Colombia, the head of Wood Mackenzie’s Americas Gas and LNG division said that Colombia needs to decide quickly whether it will focus on LNG imports or promote domestic production of natural gas. Colombia, under leftist president Gustavo…
CFO: Petrobras new strategic plan will focus more on oil and natural gas.
Fernando Melgarejo, the Chief Financial Officer of Petrobras, said that the new strategic plan for the Brazilian state-run company will be more focused on upstream operations. Melgarejo said that the plan for 2025-2029, which is being developed, will not include any mergers…
Colombia's Ecopetrol claims that operations have been affected by roadblockades and pipeline attacks
Ecopetrol, Colombia's state oil company, said that its operations were affected by the attacks on Cano Limon - Covenas and Bicentenario and a nationwide strike of truckers which has caused transport to be snarled. The company said in a press release that the production of hydrocarbons may be affected in the next few days…
Colombia's Cenit has reported five attacks on two oil pipes
Cenit is a subsidiary owned by Colombia's largest oil company Ecopetrol. On Monday, Cenit reported five attacks against the Cano Limon - Covenas - and Bicentenario - pipelines. The company released a statement stating that three attacks had been carried out on Cano Limon-Covenas and two on Bicentenario.
Gran Tierra Energy, a Canadian company, offers $226 million to buy UK-based i3 Energy.
The shares of i3 Energy jumped up to 33.7% in the morning on Tuesday after Canada's Gran Tierra Energy made an offer to purchase the British oil producer for 174.1 million pounds (226.23 millions). The implied value of the deal is 13.92 pences per i3 Energy's share. This represents a 49% premium to its closing price on August 16…
Ecopetrol's Q2 net profits fall 17.4% to $830.9 million
Ecopetrol, Colombia's largest state-owned oil firm, reported on Tuesday a 17 percent drop in its second-quarter profit. The company cited market conditions. Ecopetrol reported in its quarterly earnings report that the net profit for the quarter ended June 30 was 3.38 trillion pesos (US$830.9 million).
Valero Seeks US Approval to Import Venezuelan Oil
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S.
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds…
US Sanctions on Rosneft Trading Shifting Crude Flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S.
