The flow of migrants fleeing Venezuela’s collapsing economy is increasing every day, putting a strain on Colombia’s health and education systems and its jobs market, Colombian President Juan Manuel Santos Continue Reading
Colombia plans to award up to 15 oil blocks next month and will begin routinely offering onshore and offshore areas for exploration and production in May, the head of the Continue Reading
Colombia is expected to export 13.8 million barrels of crude in March, 11% less than February, according to a preliminary loading program seen by S&P Global Platts Friday. About 4.5 Continue Reading
Crude exports out of Colombia in recent years have averaged just over 600,000 barrels per day, with exports typically highest in January, before gradually descending through the year. To start Continue Reading
Colombia’s Transandino pipeline stopped operating on Sunday after a bomb planted by ELN rebels caused a crude spill into a nearby river, according to a joint announcement by Ecopetrol and Continue Reading
Colombia has begun receiving is first sustained imports of bulk liquid propane gas, with volumes expected to rise significantly in the coming years as the country’s natural gas reserves and Continue Reading
Ecopetrol will invest between $3.5 billion and $4 billion during 2018, the majority in production and exploration projects. BOGOTA, Nov 22 (Reuters) – Colombia’s state-run oil company Ecopetrol said on Continue Reading
Colombia’s oil production has been falling for the last four years. It’s not just the 2014 price crash that pressured output: The country’s fields are depleting and new discoveries are Continue Reading
“Down with the dictatorship,” reads graffiti on a Caracas wall Colombia’s President Juan Manuel Santos says his country will not recognise the result of Sunday’s vote in neighbouring Venezuela to Continue Reading
Colombia’s oil industry continues to face bombings and other security challenges even after last year’s peace deal that ended a long-running guerrilla conflict, a top Colombian oil official said Tuesday. Continue Reading
Colombia’s smaller rebel group has unleashed a wave of attacks on the country’s No. 2 oil pipeline, a show of strength amid peace talks that’s creating a headache for companies Continue Reading
State-controlled Ecopetrol reported a 14% year-on-year reduction in proven reserves through December 31, a decrease that reflects three years of declining oil field investment in Colombia’s oil patch, it said Continue Reading
Bomb attacks last week halted pumping operations along Colombia’s second most important oil pipeline, the Cano-Limon Covenas, state oil company Ecopetrol said on Sunday. The company did not say who Continue Reading
A Colombian energy company said it was involved in a new oil discovery in the U.S. waters of the Gulf of Mexico, its fifth so far. A U.S. subsidiary of Continue Reading
A Colombian energy company said it was involved in a new oil discovery in the U.S. waters of the Gulf of Mexico, its fifth so far. A U.S. subsidiary of Continue Reading
FARC peace accord may increase protests and delays: Campetrol Group slashes 2016 oil production target to 800,000 b/d While Colombia’s recent agreement to end 52 years of internal war with Continue Reading
Analysts and industry sources are skeptical that the peace agreement announced this week between the Colombian government and a rebel group with which it has been at war for a Continue Reading
Rain, security situation hampering pipeline repairs: union Three fields operated by company halted since July 15: union Occidental Petroleum Corp. will have to wait at least a few more days Continue Reading
Venezuelan exports of natural gas to Colombia are unlikely in the short term, despite state-owned PDVSA’s claims to have increased its gas production in 2015 by 334,000 Mcf/d or 4.3% Continue Reading
Attack affects about 6 percent of the country’s crude output Repairs on pipeline may be concluded by tomorrow: union Colombia, South America’s third-largest oil exporter, shut in production in at Continue Reading
Even for Venezuela’s notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders Continue Reading
The Colombian government and FARC rebels are close to ending their decades-long armed conflict following the anticipated signing of a bilateral ceasefire. The announcement of the agreement was made on Continue Reading
Colombia’s second-largest oil pipeline has been taken offline by a rebel attack which spilled crude oil into the Bojaba river, this is the fourteenth such attack this year. While no Continue Reading
Pacific has become a major bust from the commodity downturn. At its peak, it was… BOGOTÁ, Colombia—Latin America’s largest privately owned oil producer said it was preparing to file for Continue Reading
Colombian exports slumped to their lowest level since 2007 in January, as prices fell for the Andean nation’s oil, coal and coffee. Exports fell 37 percent to $1.84 billion from Continue Reading
Venezuela’s state oil company is temporarily halting natural-gas exports across the border to Colombia, citing climate factors and the need to generate electricity, the Colombian government said Friday. Petróleos de Continue Reading
Colombia’s peso led global declines as oil, the nation’s biggest export, tumbled on concern that a slowdown in China’s economic growth will reduce demand for the commodity. The peso plunged 1.5 percent to a record low 3,107.65 per dollar at the close in Bogota, extending its weekly loss to 3.7 percent. The daily drop was the biggest among 152 currencies tracked by Bloomberg. Crude oil tumbled to below $40 a barrel in New York for the first time since 2009. “This really is panic mode,” Andres Munoz, the head currency trader at Corp. Financiera Colombiana, said from Bogota. “Investors are getting out of emerging markets” including Colombia’s local peso bonds. One-month implied volatility on options for the peso, reflecting projected shifts in the exchange rate, increased Friday to the highest level since June 17. The currency’s swings may lead the central bank to announce currency measures to ease swings […]
Colombia Marxist rebels said they’ll step up attacks on security forces after suspending their cease-fire as peace talks to end Latin America’s longest-running insurgency drag on. The Revolutionary Armed Forces of Colombia, or FARC, will target the army more than oil installations, a guerrilla commander known as Matias Aldecoa said in an interview in Havana. Pipelines used by companies including Ecopetrol SA and Occidental Petroleum Corp. have been damaged in FARC bombing attacks in the past few weeks. “Soon people will see the war in this latest phase, and they’re going to see the number of police and soldiers who die,” Aldecoa said Saturday, in an interview in Havana. “For us, oil pipelines aren’t the No. 1 target.” The FARC suspended a unilateral cease-fire in May after the armed forces killed at least 26 guerrillas in an attack in south west Colombia. The resumption of attacks has increased casualties […]
BOGOTA Colombia’s Cano Limon-Covenas oil pipeline, the country’s second biggest by volume, has been shut due to damage from bomb attacks by leftist FARC rebels which caused a significant spill that has contaminated two rivers, the army said on Wednesday. Revolutionary Armed Forces of Colombia rebels, known as FARC, have intensified attacks on infrastructure in the past few weeks after calling off a unilateral ceasefire. They have attacked pipelines and trucks carrying crude oil, as well as damaging transmission lines, cutting power to large towns. The army confirmed that four troops were also killed on Wednesday after being ambushed by the FARC who set off remote-controlled explosives and fired on them with machine guns while on patrol in the southern province of Caqueta. State-run Ecopetrol which operates the Cano Limon pipeline through its Cenit subsidiary, said in a statement it is taking measures to contain the spill as local […]
The Transandino oil pipeline was attacked in a rural area of Cordoba city, in Narino department, W Radio reported June 12. In the past 15 days, there have been three attacks against the pipeline. Authorities have not verified whether the Revolutionary Armed Forces of Colombia (FARC) is behind the attack, but FARC was responsible for nine other attacks against energy infrastructure and security forces in the departments of Cauca, Caqueta, Narino and Putumayo.
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Exploration drilling in Colombia’s oil patch in the first quarter fell 82.5% compared with the year-ago period, while seismic exploration sank by an even steeper 92%, the Colombian Petroleum Association (ACP) said Tuesday. Speaking at a press conference in Bogota, ACP president Francisco Jose Lloreda issued another in a series of recent appeals to the government to enhance the royalty and tax incentives available to wildcatters or face the possibility of declining production and reserves in coming years. "Without tax incentives, it will not be feasible to reactivate exploration and current production levels of 1 million b/d, which would impact state revenue even more," Lloreda told reporters. He said only nine exploratory wells were drilled in Q1, down from 52 drilled in the year-ago period. Seismic exploration totaled 800 square kilometers, down from 10,000 sq km. Lloreda acknowledged that the Colombian government had made some moves in recent months […]
Colombia is preparing measures to help oil producers including Ecopetrol SA and Pacific Rubiales Energy Corp. (PRE) cope with the crash in global prices as the Andean nation looks to protect its biggest source of revenue. Options include easing investment costs and reducing the amount of oil that goes to the government as a royalty, said Nicolas Mejia, vice president for promotion at Colombia’s hydrocarbons agency. Proposals put forward by several consultancies will be discussed at a Jan. 27 meeting with government ministers. West Texas Intermediate, a U.S. benchmark oil price, fell 46 percent last year. Oil accounts for about half of Colombia’s exports and is a key revenue generator for the government. The nation’s oil production averaged 988,100 barrels a day in 2014, the first drop in output since 2005 amid community protests and pipeline attacks. “Companies are calling for more favorable terms,” Mejia said in an interview […]
"We are gaining access to a vast underexplored frontier area through early access at scale, which is in line with Statoil’s exploration strategy," Nick Maden, a senior vice president for Statoil’s exploration activities in the Western Hemisphere, said in a statement. Statoil, for an undisclosed sum, acquired a minority share in two offshore areas in Colombia from Repsol. Statoil in July made its debut in Colombia in a deal with Repsol and the Colombian subsidiary of Exxon Mobil. Much of the country’s oil is focused inland in the foothills of the Andes and in the Amazonian jungle. Colombia holds an estimated 2.4 billion barrels of crude oil reserves, though offshore is considered frontier territory. While no reserve potential was available, Repsol has already conducted seismic surveys offshore to get a better understanding of the license area.
Colombian crude production sank to a 20-month low in April as Marxist rebel attacks and community protests curbed output amid continuing peace talks in Havana . Oil production last month averaged 935,000 barrels per day, according to a government statement yesterday, the lowest since August 2012. Output slumped as repairs to the country’s second-largest pipeline following a March 25 rebel attack were prevented by the indigenous U’wa group. Paralysis at the Cano Limon-Covenas duct, which takes oil from eastern Colombia to the Caribbean coast, forced producers including state-controlled Ecopetrol SA (ECOPETL) to restrict output as storage ran out. Oil is Colombia’s biggest export and a key source of revenue for the government. There were 33 pipeline attacks in the first quarter of this year and a total of 259 in 2013, as Colombia’s largest rebel group, the Revolutionary Armed Forces of Colombia, or FARC, seeks to strengthen its hand […]
A monthlong standoff with a forest-dwelling indigenous group is threatening Colombian oil exports and may force the government to declare a national emergency, Mines and Energy Minister Amylkar Acosta said. Members of Colombia ’s U’wa group are preventing repairs to the Cano Limon-Covenas pipeline following an attack by Marxist rebels March 25, cutting exports by more than 2.5 million barrels, Acosta said. The country’s second biggest pipeline is controlled by state-run Ecopetrol SA. “This almost merits a declaration of emergency by the national government,” Acosta told local radio station Caracol today. “There are reasons of state, and there’s a public interest that takes precedence.” A emergency declaration would give Colombian President Juan Manuel Santos powers to rule by decree for 30 days and potentially overrule standard protocol when dealing with local groups. Royalties from oil, Colombia’s biggest export, are a key source of revenue for the government, currently battling […]
BOGOTA—Colombia’s energy sector, the main driver of its economy, is limping away from “Black October,” a term coined by Marxist rebels who set forth on a month-long blitzkrieg, attacking oil pipelines, coal trains, electricity plants and transmission towers in a show of strength during peace talks with the government. There were roughly two dozen attacks during October on high-profile targets like oil pipelines, according to security analysts and companies. That was more than double the number of attacks in September and by far the highest for any month this year, according to analysts. The Colombian government usually comes out with a count months later. Colombia’s army declined to comment. Most of the attacks are believed to be the work of the country’s main guerrilla force, the Revolutionary Armed Forces of Colombia, or FARC. The attacks add to doubts about the rebels’ sincerity in reaching a peace agreement with the […]
BOGOTA—Colombia’s energy sector, the main driver of its economy, is limping away from “Black October,” a term coined by Marxist rebels who set forth on a month-long blitzkrieg, attacking oil pipelines, coal trains, electricity plants and transmission towers in a show of strength during peace talks with the government. There were roughly two dozen attacks during October on high-profile targets like oil pipelines, according to security analysts and companies. That was more than double the number of attacks in September and by far the highest for any month this year, according to analysts. The Colombian government usually comes out with a count months later. Colombia’s army declined to comment. Most of the attacks are believed to be the work of the country’s main guerrilla force, the Revolutionary Armed Forces of Colombia, or FARC. The attacks add to doubts about the rebels’ sincerity in reaching a peace agreement with the […]
