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Colombia’s Ecopetrol reports $1.26 bln loss in 2015

As the price of oil continues to fluctuate, Colombia’s Ecopetrol reported a loss of $1.26 billion in 2015, citing plunging oil prices, in-country rebel attacks and new accounting requirements.  This amounts to a 170 percent decline from the company’s 2014 profits. by Julia Symmes Cobb, Reuters, March 6, 2016 Colombia’s state-controlled oil producer Ecopetrol on Sunday…

Venezuela Delays Gas Exports to Colombia – Here’s Why

Venezuela has suspended nat gas supply to Colombia due to El Niño. Climate has brought drought and water shortages to Colombia and PDVSA has been notified that electrical generation might vary. The 2007 agreement between both countries states that Venezuela will supply Colombia with 39 million cubic feet of gas per day, which represents 3%…

Colombia imports first crude as global light grades abound

Colombia is importing crude for the first time since January 2013. Ecopetrol SA will be importing light crudes from Nigeria, and follow Venezuela’s and Ecuador’s lead on the imported light crudes with its own heavier ones. by Energy Voice, Oct. 05, 2015  Colombia is importing crude for the first time in more than two years…

Colombia economy hit hard by lower oil prices

With the recent drop in Brent/WTI crude oil prices, Colombia’s oil boom has started to burst.  Not only did Colombia have to deal with falling prices, but this year Colombia’s output also declined due to guerrilla attacks, sub-par drilling results and permitting delays., Dec 24, 2014 The oil boom that enriched bondholders in Colombia is…

Latam countries launch plan to store carbon, fight global warming

On Sunday, eight Latin American countries announced an initiative to cut emissions that cause global warming. The initiative involves restoration of 20 million hectares of forest and farmland in order to use the land to store carbon in natural vegetation. The eight countries involved are Argentina, Columbia, Chile, Costa Rica, Ecuador, Guatemala, Mexico and Peru….

Colombia crude output hits 1Mb/d

Colombia crude output hits 1Mb/d

As crude oil production in Colombia reached 1MB/d in October, this marks an increase of 1.6% from the same month last year. The recent growth has been attributed to support from the new Juape field. by BN Americas, November 7, 2014 Crude oil production in Colombia averaged 1Mb/d in October, up 1.6% from same-month last…

Scramble underway to tap shale formations

Scramble underway to tap shale formations

The oil industry has dominated the Colombia town of Acacias, providing hundreds of jobs, but some locals feel that the chemicals seeping into the soil during drilling have affected crops and fishing resources. Now, Colombia officials are backing the controversial method of fracking in the area, while critics feel that the officials are underplaying the…

Offshore E&P activities ramping up in Latin America

Latin American nations are ramping up offshore exploration, development, and production activities. This increase is largely due to discovery of new reserves in Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Peru, and Venezuela. The economic future of these countries is dependent on their under-explored hydrocarbon region. by Robin Dupre, Offshore Magazine, October 29, 2014 Offshore exploration, development,…

Colombia’s largest pipeline confirms ‘very small’ oil spill

by Chris Kraul, Platts, July 22, 2014 A “very small” quantity of crude oil has spilled off Colombia’s Caribbean coast at the country’s principle offloading depot at Covenas, the country’s largest pipeline, OCENSA, said Tuesday. Few other details, including how many barrels poured in to the sea and how the spill happened, were provided, however….

ANALYSIS: Colombia’s oil industry, government facing declining output, investment

by Chris Kraul, Platts, July 2, 2014 Declining oil production caused by terror attacks, community protests and a drop in foreign investment has the Colombian government concerned it will miss its 2014 fiscal goals, according to analysts. Top industry and government officials have met over the last two weeks in the presidential palace to discuss…

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