Colombia

Colombian national oil company Ecopetrol SA and a unit of Occidental Petroleum Corp. (Oxy) have signed a deal to jointly explore four deepwater areas in the Caribbean. Blocks COL 1, COL 2, COL 6 and COL 7 are located, on average, about 150 kilometers or 93 miles off Colombia’s northern coast. The companies, which also…

Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy. Colombia is Latin America’s third-largest oil and gas producer behind Brazil and Mexico, but crude oil production this year is on track to…

Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call. Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However,…

Colombia’s Ecopetrol SA saw its production take a hit in the second quarter because of social unrest in the country but management foresees a strong recovery this year. Ecopetrol was also boosted in the second quarter by its joint venture (JV) with Occidental Petroleum Corp. in the Permian Basin’s Midland formation in West Texas. “Social…

Colombia’s key oil and gas industry has started to feel the impacts of nationwide protests that have dragged on for three weeks. On Wednesday, Energy Minister Diego Mesa said overall oil production had dropped below the 700,000 b/d mark for the first time since 2009. Several producers working the country have publicly announced adverse impacts.…

Mexico’s Petróleos Mexicanos (Pemex) is moving in the opposite direction of fellow Latin American national oil companies (NOCs) by failing to embrace the energy transition and natural gas, according to a panel of experts. While NOCs such as Colombia’s Ecopetrol SA and Brazil’s Petróleo Brasileiro SA (Petrobras) have embraced diversification and environmental, social and governance…

Talk of the energy transition dominated this week’s CERAWeek by IHS Markit, with Latin America’s national oil companies (NOC), which have long served as key sources of revenue for their governments, part of the discussion. The consensus is oil and gas will remain relevant for decades as energy use intensifies across rapidly developing economies. However,…

Colombia’s state oil company Ecopetrol SA will continue its foray into shale plays in 2021, principally in the prolific Permian Basin in the United States but also in a pilot program at home. The company will spend more than $600 million in unconventional plays next year, part of an overall capital expenditure (capex) plan of…

Colombia has published the terms of reference for its hydraulic fracturing (fracking) pilots and will award contracts to four projects by the end of this month. According to a reference document published in October by the National Hydrocarbons Agency (ANH), the most “favorable” four projects will be picked from those taking part in the bidding…