Ecuador to Quit OPEC in 2020
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC."The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability," the energy ministry said in a statement…
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…
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…
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…
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 e
Colombia Postpones Sinu-San Jacinto Bidding Round
Colombia's oil regulator has postponed the reception of offers for 15 onshore areas at its Sinu-San Jacinto auction until May 3, the agency said late on Wednesday, at request of the companies qualified for bidding. The offers had been scheduled to be received on Thursday. Colombia is the third Latin American country hosting an oil auction this year, after Mexico and Brazil. Its offer comes after a 4-year pause, when low oil prices stopped many countries in the region from putting their acreage on offer for foreign investment.
Frontera Energy Names New CEO, Doubles Investment in Peru
Canada's Frontera Energy Corp named a new chief executive on Monday, and said it plans to more than double its investment in operations in Colombia and Peru during 2018, to up to $500 million. Frontera will direct between $225 million and $240 million of investment to new wells and maintenance in the two countries, the company said in a statement. The investment will fund between 125 and 135 development wells, 11 to 15 exploratory wells and 15 to 25 work-over wells, the company said. Work-over wells require major maintenance or remedial treatment.
Ecopetrol to Invest up to $4 bln in 2018
Colombia's state-run oil company Ecopetrol said on Wednesday it would invest between $3.5 billion and $4 billion during 2018, the majority in production and exploration projects. The company, the Andean nation's largest, said in a filing to the financial regulator it expected to produce between 715,000 and 725,000 barrels per day next year. Only 4 percent of investment would be spent abroad, the statement said, with the rest destined for Colombian projects. The company is not taking out external financing for the 2018 plan.
Colombia's Ecopetrol Names New CEO, Echeverry Resigns
Colombian state-run oil company Ecopetrol said its current vice-president, Felipe Bayon, will take over as chief executive, replacing Juan Carlos Echeverry. Echeverry, who has headed the company since March 2015, through difficult times caused by the global fall in crude prices, has resigned for family reasons, Ecopetrol said in a statement to the Andean country's financial regulator. Bayon, an engineer who spent 20 years working at BP PLC, will take over from Sept. 15, the company said. He has been a vice president at Ecopetrol since February 2016.
Colombia Oil Industry Threatened by Local Opposition
Colombia's oil industry is threatened by a growing number of public referendums that seek to ban crude production, the country's oil association said on Monday, as the mining sector faced similar votes. The warning from the Colombian Petroleum Association (ACP), which represents private producers in the Andean country, came one day after residents of Cumaral municipality in Meta province voted by a large majority to ban crude exploration, drilling and production.
Colombia Oil Reserves Down 16.8% in 2016
Colombia said on Thursday its oil reserves were down 16.8 percent to 1.66 billion barrels at the end of last year, but that exploration was recovering after the global fall in crude prices. At 2016 production levels the reserves are equivalent to 5.1 years of output, the energy ministry said in a statement. The figure was down compared to the 2015 figure of 2.0 billion barrels. "Thanks to a recovery in international prices, exploration activity continues its recovery…
Ecopetrol Reports $525.6 Mln Profit in 2016
Colombia's state-controlled oil producer Ecopetrol on Monday reported net income of 1.56 trillion pesos ($525.6 million) for 2016, as it cut costs amid still-low global prices for crude oil. The company said in a filing to the financial regulator that it returned to profit after a 3.98 trillion peso loss in 2015. "Ecopetrol focused its efforts on reducing costs, producing profitable barrels, prioritizing investments, strengthening assets and at the same time maintaining its credit rating," Chief Executive Juan Carlos Echeverry said in the statement.
Cano Pipeline, Occidental Oilfield Restart After Attacks
Occidental Petroleum Corp has restarted crude production at Colombia's Cano Limon oilfield and its pipeline is pumping again after a series of rebel attacks shut output and transport for several weeks, the military said on Monday. The 485-mile (780-km) Cano Limon pipeline, which has the capacity to transport up to 210,000 barrels of crude daily (bpd) from the field in Arauca province to the Caribbean coast, was shut down on Nov. 17 after bomb attacks attributed by the military to the National Liberation Army (ELN) rebel group.
Colombia's Cano Limon Oilfield Stops Production After Attacks
Crude production at Colombia's Cano Limon oilfield was halted on Friday after a series of pipeline attacks by leftist rebels prevented operator Occidental Petroleum Corp from moving oil to port, oil industry sources said. The field's pipeline, which moves crude from the country's northeast to the Caribbean, has been shut since Nov. 17 because of bombings the military attributed to the National Liberation Army (ELN) rebels. "The oil cannot be moved because the pipeline is down.
Colombia's Largest Oil Union to Vote on Possible Strike
Members of Colombia's largest oil workers union will vote on whether to strike in protest of privatizations at state-run oil company Ecopetrol, the union's president said on Tuesday. Most of the 21,000 members of the Workers Union for the Petroleum Industry (USO) work at Ecopetrol, which has sold several major non-oil related assets in an effort to refocus its operations after the slump in crude prices. Ecopetrol's net profit tumbled nearly 48 percent in the second quarter, the company said last month, because of a fall in sales and output.
Ecopetrol Net Profit Falls Sharply in Second Quarter
Net profit at Colombia's state-run oil company Ecopetrol tumbled nearly 48 percent in the second quarter, the company said on Tuesday, due to a fall in sales and output. Net profit attributable to shareholders was 787 billion pesos ($270.6 million) between April and June, compared with 1.5 trillion pesos during the same period of 2015. Gross income was down 27 percent to 6.75 trillion pesos in the second quarter due to the effects from a 28 percent fall in crude prices as well as lower production, the company said in a statement.
YPF Names New CEO
YPF, Argentina's state oil company, has named Ricardo Darre as chief executive officer, local media reported on Monday. According to a report by investment publication El Investor Online that was picked up by various national media outlets in the country, Darre has worked for French oil company Total in the United States. YPF declined to comment to Reuters on the matter. The company has recently split its top executive job into two positions. (Reporting by Juliana Castilla; Writing by Julia Symmes Cobb; Editing by Jeffrey Benkoe)
Ecopetrol Offers 20 Blocks in Auction Launch
Colombia's state oil company Ecopetrol offered 20 oil and gas blocks for auction on Thursday, part of a company plan to cut back amid low global crude prices. One-hundred and thirty-eight companies from 21 countries, some of which already operate in the Andean country, attended the auction launch, Ecopetrol said in a statement. "The fields are close to logistical facilities, which adds extra attraction for small and medium sized gas and oil companies," the company said. The blocks will be sold in an electronic auction on Sept. 30.
