Colombia – Oil & Gas 360

Colombian president cancels oil joint venture with U.S. company

February 5, 2025

(Oil Price) – Colombia’s president, Gustavo Petro, has canceled a joint venture between state energy company Ecopetrol and Occidental Petroleum on environmental concerns regarding hydraulic fracturing. Bloomberg reported that Petro had shared his concern on national TV, saying he was against a recent expansion of the deal between Ecopetrol and Oxy because it involved fracking, going counter to his energy policy

Turmoil at Colombia’s Ecopetrol raises profit fears ahead of US investment decision

December 20, 2024

(Yahoo Finance) – BARRANCABERMEJA, Colombia – Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former board member and analysts, come ahead of

Argentina to eclipse Colombia as oil production growth continues

December 12, 2024

(Oil Price) – Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It’s time for a new shale boom. Crude oil

GeoPark announces plans to acquire Repsol upstream assets in Colombia

December 2, 2024

(World Oil) – GeoPark has announced the signing of Sales and Purchase Agreements (SPAs) with Repsol Exploración S.A. and Repsol E&P S.A.R.L to acquire Repsol upstream oil and gas assets in Colombia. The potential acquisition would incorporate high-quality assets located in the prolific Llanos Basin, one of Colombia’s most productive oil regions where GeoPark is already a well-established operator both

Perenco succeeds in drilling, discovery of three new wells for onshore Colombia

October 16, 2024

(World Oil) – Perenco Colombia successfully completed drilling of three new development wells on the Paravare and Chaparrito fields at Casanare, onshore Colombia. As a result of detailed seismic data analysis by the geoscience team, Perenco identified new channels in which a large quantity of oil has been discovered. The objective of the campaign was to increase production, and a

Petrobras, Ecopetrol ordered to halt drilling natural gas well offshore Colombia

September 16, 2024

World Oil (Bloomberg) – A Colombian judge ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of an offshore gas well in the nation’s Caribbean waters after an Indigenous community sought legal protection. The community in the area of Taganga, near the city of Santa Marta, claimed their consent should have been requested before the companies were allowed

Petrobras makes deepwater natural gas discovery offshore Colombia

August 5, 2024

World Oil (WO) – Petrobras achieved the main target of the Uchuva-2 well, confirming the extent of the natural gas discovery made in 2022 while drilling of the Uchuva-1 well. This well adds relevant information for the development of a new frontier of exploration and production in Colombia, reinforcing the volumetric potential for natural gas in the region. Uchuva-2 well,

Colombia eyes 2029 start-up date from offshore natural gas assets in $300 million drilling investment

July 31, 2024

World Oil (Bloomberg) – Ecopetrol SA expects offshore natural gas from Colombia to come online as soon as 2029, two years later than previously anticipated and not in time to curb a looming fuel shortfall. Colombia is set to face a gap between its domestic supply of natural gas and total demand beginning next year. The fuel gap of around

Colombia aims to boost oil production to 1 million Bpd

May 24, 2024

Oil Price Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country’s energy ministry. Energy Minister Andrés Camacho emphasized the government’s strategy to revitalize “lazy contracts”—agreements signed 10 to 15 years ago that have so far

Colombia’s Ecopetrol board blasts anti-oil President’s nominees as unfit

March 14, 2024

World Oil (Bloomberg) – Board members of Colombia’s state oil company are objecting to President Gustavo Petro’s attempt to overhaul it with new directors as he works to wean the country off oil and gas. Ecopetrol SA’s governance committee issued a report Tuesday that said none of the five candidates proposed by Petro — elected in 2022 as Colombia’s first

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

February 23, 2024

World Oil (Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated. Officials said Thursday that they are now reevaluating the discovery, named Orca-1. In the processes of working to verify its size,

Colombia’s Ecopetrol to invest up to $6.7 bln in 2024

December 1, 2023

Nasdaq BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will invest between $5.7 billion and $6.7 billion and produce up to 730,000 barrels per day equivalent (boepd) in 2024, it said in a statement. A majority of that spending, about $4.8 billion, will go toward keeping production between 725,000 and 730,000 boepd, the company’s refineries at between 420,000 and 430,000 barrels

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