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 701,0
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.
Ecopetrol Rubiales Oil Output Hit by Protests
Colombian state oil company Ecopetrol said on Tuesday it has suspended production at some wells in the nation's largest oil field after demonstrators seized the facility in the latest incident affecting that industry in the Andean nation. The demonstrators, who identified themselves as members of the Alto Unuma indigenous community, occupied facilities…
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…
Gas Natural Seeks Colombia's Help to Chase Unpaid Bills
Spanish energy company Gas Natural has asked for talks with the Colombian government on a new legal framework to allow it to recover 1.3 billion euros ($1.44 billion) in unpaid bills owed to its Colombian electricity business. Electricaribe distributes power to 2.5 million customers on Colombia's Caribbean coast but has suffered persistent liquidity problems because of fraud and payment arrears, Gas Natural said on Wednesday.
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…
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…
Colombia to Decide Whether to Ration Energy Due to Drought
Colombia's government will decide within a week whether to declare energy rationing amid a serious drought, President Juan Manuel Santos said on Tuesday, as the country continues to battle the fallout from El Nino. Around 70 percent of the country's energy is generated at hydroelectric plants, which have suffered damage due to low water levels at reservoirs as the El Nino weather pattern cuts rainfall.
Colombia Cuts Oil Price View, More Austerity Likely
Colombian Finance Minister Mauricio Cardenas on Monday cut the government's oil price forecast, saying this could spell more austerity measures in order to meet the country's fiscal deficit goal. He cut the estimate for this year's average oil price to $34.7 per barrel from an initial $50, adding that the tumble in oil prices will affect the Andean country's tax intake and economic growth.
Colombia's Ecopetrol Launches Sale of Utility EEB Shares
Colombia's state oil company Ecopetrol will sell its 6.87 percent stake in energy generator Empresa de Energia de Bogota (EEB) for 1.1 trillion pesos ($398.9 million), Ecopetrol said on Tuesday. The EEB shares, priced at 1,740 pesos each, will be on offer from May 20 through July 21, Ecopetrol said in a statement. The sale of the shares is part of the oil producer's plan to shed assets and raise funds for an investment plan…
Promigas to Offer $193m in Domestic Bonds
Colombian gas distributor Promigas will issue bonds for up to 500 billion pesos ($193 million) on the domestic market on Tuesday, which it will use to fund its investment plan for the next two years and to substitute existing debt, it said. Promigas will offer 4-year, 7-year and 15-year bonds, the yields of which will be tied to the Consumer Price Index inflation measure, plus an additional percentage, the company said in a statement.
Grupo Argos Net Profit up 29% in 2014
Net profit at Colombian holding company Grupo Argos SA rose 29 percent in 2014 compared with the previous year, due largely to gains by its cement-making subsidiary, the company said. Grupo Argos reported that profit was up to 380.7 billion pesos ($192 million) last year, from 294 billion pesos in 2013. The company's cement producer subsidiary, Cementos Argos…
Terpel Issues $165m Bonds in Colombia
Chilean fuel distributor Terpel issued 400 billion pesos ($165.5 million) in ordinary bonds on the Colombian market on Wednesday, which it will use to substitute existing debt. The sale by Terpel, a subsidiary of Empresas Copec, was more than doubly over-subscribed, the country's Bolsa de Valores stock exchange which oversaw the sale, said in a statement.
Ecopetrol Prices EEB, Prepares to Shed Asset
Colombian state oil company Ecopetrol will sell its stake in energy generator Empresa de Energia de Bogota (EEB) for 1,740 pesos ($0.80) a share, raising some $509 million, the government said in a decree on Tuesday. Ecopetrol owns 6.87 percent of EEB, which is controlled by the Bogota municipal government. Though the decree, dated Nov. 13 and seen by Reuters on Tuesday…
Ecopetrol Sets Price in $509m Sale of Stake in Generator
Colombian state oil company Ecopetrol will sell its stake in energy generator Empresa de Energia de Bogota (EEB) for 1,700 pesos ($0.79) a share, raising some $509 million, the government said in a decree. Ecopetrol owns 6.87 percent of EEB, which is controlled by the Bogota municipal government. Though the decree, dated Nov. 13, does not specify a date for the sale…
Ecopetrol to Sell $573 mln Stake in Colombian EEB
Colombia's Cabinet has authorized state-run oil company Ecotpetrol to sell its 1.1 trillion peso ($573 million) stake in energy generator Empresa Energia de Bogota (EEB), the company said in a statement on Tuesday. Ecopetrol said it would use the money raised by the sale, which was approved by Colombia's cabinet ministers, to finance its investment plan for next year.
Ecopetrol to Sell Stake in Colombian Energy Generator
Colombia's Cabinet has authorized state-run oil company Ecotpetrol to sell its 1.1 trillion peso ($573 million) stake in energy generator Empresa Energia de Bogota (EEB), the company said in a statement on Tuesday. Ecopetrol said it would use the money raised by the sale, which was approved by Colombia's council of ministers, to finance its investment plan for next year.
Pacific Rubiales Oil Reserves Boosted 45%
Toronto-listed oil producer Pacific Rubiales said on Tuesday its oil reserves estimate from exploration blocks had risen 45 percent to 6.2 billion barrels of oil equivalent by the end of March versus its 2012 estimate. The independent estimate carried out by Petrotech Engineering was a best-case figure from 36 exploration sites spanning Colombia, where most of its production originates…
Colombia Oil, Mining Industries Push for Leaner Regulations
Colombia's oil and mining industries, hit by lower output and growing resistance to some key projects, are pleading for help from the next government to streamline slow and erratic regulations. The country's commodities sector, once a darling of foreign investors, has lost its luster in recent years as shifting environmental rules, delays in obtaining permits and local community resistance leave many projects stuck on paper.
Oil Sector is Colombia's Biggest Economic Concern
Rebel attacks on infrastructure and burdensome red tape are making Colombia's one million barrel a day oil sector the Andean nation's biggest economic concern, Finance Minister Mauricio Cardenas said on Friday. Average output so far this year has slipped to 981,000 bpd from 1,006,000 bpd in 2013 mainly because of attacks on pipelines by leftist rebels, one of which kept a major pipeline shut for two months.
