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. Ecopetrol reported that the total sales fell 1.5%, to 34.61 trillion Pesos, in the period July-September, despite a slight increase in output. Ecopetrol’s net profit in the first nine-months of 2024 fell by 26% from the same period the previous year to 11,04 trillion pesos.
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 that their way of living would be negatively affected by the development of the well. Industry groups warned that the suspension of the well would threaten Colombia's energy independence and erode the prospects for the nation's diminishing gas reserves. The project is owned jointly by Colombian state oil company Ecopetrol, and Brazil's Petrobras.
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, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium, China's PowerChina, China Three Gorges, and Britain's Dyna Energy. The ministry stated in a press release that the first round was to determine which maritime areas could be used for installations between 1,000 and 3,00 megawatts.
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 of Petro and Ricardo Roa who is the current chief executive officer of Colombia's largest state-owned energy firm, Ecopetrol. The decision to conduct an investigation comes after Petro, Colombia’s first leftist President, warned about a alleged plot against him, or to remove him from office through the courts.
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, said that the initial concept of Sirius envisioned the first offshore gas production in 2029- 2030. Four wells would be producing and a total of 13,3 million cubic metres per day was expected for a period of 10 years. Sirius (formerly Uchuva)…
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 Petro has moved away fracking in order to develop its reserves shale oil and gas. A Santa Marta court judge ordered earlier this month that work be suspended on a major offshore gas project run by Ecopetrol, the state-controlled company and Brazil's Petrobras. Experts say that the two strategies will be crucial to ensuring gas supply to the country's industrial and utility sectors in the future.
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, and this could affect fuel supply. The protests by truckers, who began Monday, in opposition to government plans to raise diesel prices, threaten to bring Colombia to a standstill, with long traffic jams on the motorways. It added that social conflict at the company’s Gibraltar Gas Field has also worsened the situation.
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. According to a spokesperson, exports were not affected. The company stated that the attack was perpetrated by unknown attackers. The company said that guerrillas from the leftist movement in Colombia have attacked oil infrastructure at different times.
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). The first-half net loss fell by 24%, to 7.39 trillion Pesos. This compares with 9.75 trillion Pesos for the first half of 2023. Ecopetrol's shares closed Tuesday at 2,110 Colombian Pesos each, a drop of 2.08% before the results were released. Both regional peers, Mexico and Brazil, posted losses in the second quarter for the three-month period ending June.
Anadarko Shareholders Go for Cash in Oxy Buyout
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per day.Anadarko's…
Oxy Q2 Earnings Dip
Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results topped Wall Street estimates for the period and Occidental's operating cash flow rebounded from last quarter to $2.96 billion, up 7% from the same quarter a year ago. Investors closely watch operating cash flow as a sign of a company's ability to cover shareholder payouts and operating expenses.Core income fell to $729 million…
Ecopetrol, Repsol Sign Joint Deal for Offshore Oil Block
Colombia's state-run oil company Ecopetrol has signed a joint contract with Spain's Repsol to operate an offshore block in the Caribbean, Ecopetrol said on Wednesday.The contract for the GUA-OFF-1 block is the second new offshore deal Ecopetrol has inked with the Colombian government this year.Colombia recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector. Companies including Shell, Noble and Parex have since signed on to operate new blocks.GUA-OFF-1 will be split evenly between the two companies…
Colombia, Shell Ink Offshore E&P Contracts
Colombia's government on Monday said it signed two exploration and production contracts with Shell in offshore areas of the Caribbean Sea that will require the company to make initial investments of $100 million.Colombia recently modified contractual terms for offshore exploration and launched a Permanent Area Allocation Process so companies can apply to explore in areas of interest, offering 20 blocks as part of a strategy to boost the oil sector."The signing of these contracts revalidates the confidence of oil investors in exploration of our offshore resources in the Caribbean," National Hydrocarbons Agency (ANH) President Luis Miguel Morelli said in a statement.The investme
Ecopetrol Wins Offshore Colombia Block
Colombia’s state-run oil company Ecopetrol SA has signed Colombia’s first offshore exploration and production contract under a newly revised contract model.According to a report in Reuters, the deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean is country’s first new oil and gas contract in more than four years.The Col-5 tract in the Caribbean Sea is adjacent to US independent Anadarko Petroleum's Purple Angel gas find.The country recently modified its bidding system for offshore oil and gas exploration contracts and relaunched bidding for more than 20 possible production areas…
Ecopetrol Sets 2019 Investment at $3.5 billion
Colombian state-run oil company Ecopetrol said on Tuesday it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.The investment is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves. The company has said it will drill 700 wells and double the number of rigs in operation this year.Ecopetrol expects output next year at between 720,000 and 730,000 barrels per day equivalent, Ecopetrol said in a statement…
Cano Limon Pipeline Hit by More Bombings
Colombian state-run oil company Ecopetrol said on Tuesday that three new bombings of the Cano Limon pipeline have caused contamination in several waterways in the country's northeastern Arauca province.The attacks on Sunday and Monday brought total bombings of the 485-mile (780-km) pipeline to 82 this year.Cano Limon, which can transport up to 210,000 barrels of oil per day, has been out of service for much of 2018 because of bombings and illegal taps and was not functioning at the time of the latest attacks.
Colombia's Ecopetrol to Invest Up to $3.5 bln in 2018
Colombia's state-run oil company Ecopetrol said on Wednesday it will invest $3 billion to $3.5 billion during 2018, less than it had previously said it would spend.Ecopetrol originally planned to spend $3.5 billion to $4 billion in investment in 2018, mostly in exploration and production. First quarter investment was stymied by protests which led to the temporary closure of some fields and laws that restrict public company contracting during elections. The company spent $1 billion in investment during the first half. Reporting by Julia Symmes Cobb
Ecopetrol, Talisman Energy to Open 19 New Wells at Colombian Oilfield
Colombia's state-run oil company Ecopetrol said on Wednesday it will start drilling 19 new oil wells at the Akacias oil field at the end of this month, in partnership with Repsol SA's Talisman Energy.The new wells will join nine which are already operating at the field, in Acacias municipality in central Meta province, the company said in a statement. The nine wells produce an average of 6,300 barrels per day.Ecopetrol plans to invest between $3.5 billion and $4 billion this year as it reboots production and exploration after being battered by…
Colombia's Ecopetrol Boosts Output
Ecopetrol, Colombia's state-run oil company, has accelerated activity at several of its oil fields to make up for a slight output fall in the first quarter, executives said during a call with investors on Friday.The company's first-quarter net profit rose to 2.6 trillion pesos ($923.3 million), up 195 percent from the same period in 2017, it said on Thursday.However, consolidated oil and gas production in the first quarter fell to 701,000 barrels per day because of February protests that led to blocked roads and the temporary closure of some fields."To compensate for events in the first quarter, the company has taken a series of measures, including more work at wells and reinf
Ecopetrol Seeks 3 Gasoline Cargoes for May
Colombia's state-run oil company Ecopetrol has launched an offer to buy three 195,000-200,000 barrel cargoes of gasoline RON 92 for delivery May 2-21 at Pozos Colorados terminal, according to a tender seen by Reuters on Thursday. Bids will be accepted through April 5, indexed to unleaded 87 gasoline prices at the U.S. Gulf Coast Ecopetrol's Cartagena refinery earlier this week offered to sell a virgin naphtha cargo for April delivery at Mamonal port Reporting by Marianna Parraga
