Despite significant headwinds, including a prolonged oil price slump, Colombia’s national oil company Ecopetrol r eported a solid third quarter 2020 profit with net income of around $222 billion. This represented a notable improvement over the $6.5 million profit reported for the previous quarter, although it was significantly less than 2019. This significant improvement in earnings reflected the higher oil prices during the period with the average basket price per barrel of oil received by Ecopetrol increased by almost 27% compared to the second quarter 2020. Those improved results bode well for Colombia’s oil industry with the national oil company Ecopetrol being a key driver for the exploitation of the Andean country’s oil potential. By late July 2020, Ecopetrol has announced it was partially restoring its 2020 budget for capital expenditures in response to firmer oil prices. After slashing capital spending in early May in response to sharply weaker […]