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Tue, Dec. 16, 6:40 PM
- Ecopetrol (NYSE:EC) plans to cut its 2015 capital spending by 26% to $7.86B, under pressure from falling oil prices and production hits from guerilla attacks.
- EC also aims to produce an average of 760K boe/day next year, down 7% from this year’s target; a year ago, the company predicted output would reach an average of 1M bbl/day in 2015.
- EC says spending will be concentrated on production, finishing the modernization of its Cartagena refinery, and strengthening transport capacity.
- Shares have fallen 61% in dollar terms over the last year, making it the world’s worst performing oil and gas producer with a market cap exceeding $10B.
Fri, Dec. 12, 11:18 AM
- The board of directors of Colombia's Ecopetrol (EC -0.5%) will replace CEO Javier Gutierrez, who has held the role since 2007, but it has not yet found a successor.
- Gutierrez, who will remain CEO until a replacement is found, doubled the company's oil output under his watch but shares have dropped 55% in the past year amid a string of disappointing explorations, increased rebel attacks on its pipelines, and the recent drop in world oil prices.
- EC produces more than half of Colombia's 1M bbl/day domestic oil production.
Wed, Dec. 3, 8:37 AM
- Petrobras (NYSE:PBR) says it had found natural gas in an exploratory well off the Colombian coast, the first deepwater discovery in Colombia's Caribbean waters; PBR is the operator of the Bloco Tayrona area with a 40% stake, while Colombia's Ecopetrol (NYSE:EC) and Spain's Repsol (OTCPK:REPYF, OTCQX:REPYY) each hold 30%.
- Meanwhile, Brazil's securities industry watchdog has fined the pension fund owned by Petrobras workers for participating in the election of board members that was reserved only for minority shareholders; the move highlights the rising conflict of interest between Brazil's pension funds and the government, which joined forces in recent years to boost their decision-making power in the company at the expense of minority shareholders.
Tue, Dec. 2, 12:59 PM
- Ecopetrol (EC -1.7%) says the completion of modernization works at its Cartagena refinery in Colombia next year will boost earnings that are being eroded by oil’s price plunge.
- EC says the plant will help the country process more heavy crude and become a net exporter of fuels including low-sulfur diesel, gasoline and jet fuel; processing capacity is expected to rise to 165K bbl/day of crude in 2015 and more than 200K bbl/day after 2017 from a current 80K.
- Potential buyers already have expressed interest in the Colombian fuels that will be able to compete easily with U.S. equivalents because of the Cartagena refinery’s efficiency, according to an EC exec.
Fri, Nov. 21, 11:40 AM
- Talisman Energy (TLM +3.6%) and Colombia’s state-owned Ecopetrol (EC +1.2%) say they have made a second oil discovery in Block CPO-9 in Colombia.
- The discovery comes nearly a year after the partners declared the commercial viability of the Akacias oil area in the CPO-9 heavy oil block.
- The oil find is good news for TLM, which has been selling assets as it struggles to pay off debt amid a slump in oil and gas prices.
Tue, Oct. 28, 12:45 PM
- Spain’s Repsol (OTCQX:REPYY, OTCPK:REPYF) reports an ultra-deepwater oil discovery in the Leon exploratory well located in the deepwater Gulf of Mexico, which found net pay of 150 meters within a 400 meter column.
- Well results are being evaluated, and additional work is required to determine the size of the hydrocarbon deposit.
- Repsol owns a 60% stake and is operator of the well, while Colombia’s Ecopetrol (NYSE:EC) has 40%.
Fri, Sep. 5, 4:42 PM
- Statoil (NYSE:STO) reported late Thursday that it has signed farm-in agreements with Repsol (OTCPK:REPYF, OTCQX:REPYY) to acquire stakes in two licenses offshore Colombia - a 10% share in the Tayrona license and 20% in the Guajira Offshore-1 license.
- Petrobras (NYSE:PBR) operates Tayrona with a 40% stake, and Repsol retains 20% of the license after its farm-down to STO; the remaining 30% is held by Ecopetrol (NYSE:EC).
- Repsol operates Guajira Offshore-1 and retains 30%, with EC holding the remaining 50%.
Fri, Aug. 29, 12:38 PM
- Barclays regards Russian oil and gas companies as too risky for now, with no reason to assume any resolution to the Ukrainian crisis in the near term, but it sees Latin American energy stocks offering a more appealing set of risk/rewards.
- Of the firm's two Overweight ratings among emerging market energy stocks, the firm says Pacific Rubiales (OTCPK:PEGFF) offers a combination of relatively small size, expertise in heavy oil and is positioned to take part in Mexico's energy reform.
- The firm also likes Petrobras (NYSE:PBR), expecting near- to medium-term positive momentum following the Brazilian presidential election in October, but it remains concerned about production and reserve replacement at Ecopetrol (NYSE:EC).
- In South Africa, Barclays believes Sasol (NYSE:SSL) is entering a period of sustainable positive momentum, with a number of potential near- to medium-term catalysts which could boost valuation.
Wed, Aug. 13, 6:36 PM
- Colombia's Bicentenario crude oil pipeline has been shut down after being damaged in a bombing by leftist rebels, the latest of regular explosions carried out by guerrillas on the country's oil infrastructure.
- The consortium that owns the pipeline, led by state-run Ecopetrol (NYSE:EC) and Pacific Rubiales (OTCPK:PEGFF), does not know when the pipeline could reopen, although repairs to frequent attacks on Colombia's oil pipelines usually take place within a few days once the zone is secured.
- Colombia is Latin America's fourth biggest oil producer with output of nearly 1M bbl/day, but the country has been hit by 67 attacks in H1 of the year following a total of 259 in 2013.
Fri, Aug. 1, 6:44 AM
Thu, Jul. 24, 4:59 PM
- Ecopetrol (NYSE:EC) and Pacific Rubiales (OTCPK:PEGFF) agree to recommend the end of the pilot project testing the Synchronized Thermal Additional Recovery technology, and that a technical committee should carry out a study of the results.
- PEGFF has been seeking a new contract in the Rubiales field, where its license will expire mid-2016, and proposes to share oil extracted using STAR under a future deal with EC, but critics say the technology causes tremors and water pollution.
- Tudor Pickering downgraded its rating on PEGFF to Hold from Buy after the decision to end the STAR pilot program, saying the stock may struggle to perform in the near term amid constrained production growth.
Tue, Jul. 15, 7:02 PM
- Pacific Rubiales (OTCMKTS:PEGFF) fell to eight-week lows on concerns that tests of its oil recovery technology won’t be enough to persuade Ecopetrol (NYSE:EC) to use it in Colombia’s largest field.
- Pacific execs are meeting with EC officials to discuss the test results of the STAR technology, which is designed to increase flow by heating oil in the well; Pacific is proposing to share production extracted using STAR at the Rubiales field, where it has a partnership with EC that expires in mid-2016.
- While Pacific says STAR is effective and safe, the USO oil workers union says it causes water pollution and tremors.
Tue, Jul. 15, 9:41 AM
- Royal Dutch Shell (RDS.A, RDS.B) announces a third major discovery in the Norphlet play in the deepwater Gulf of Mexico with its successful Rydberg exploration well.
- Shell is completing the full evaluation of the well results but expects the resource base to contain ~100M boe; combined with the nearby Appomattox and Vicksburg discoveries, the new discovery brings total potential Norphlet discoveries to 700M-plus boe.
- The discovery is the first for the partnership of operator Shell, with a 57.2% stake, Ecopetrol (NYSE:EC) and Nexen (NYSE:CEO).
Thu, May. 22, 2:58 PM
- Colombia’s Ecopetrol (EC -1.1%) agrees to supply crude oil to a refinery scheduled to start operations in 2015, said the governor of the Meta province where the facility will be located.
- The refinery will cost ~$1.5B to build and have a refining capacity of 40K bbl/day of crude, supplying fuel to the region and diluent to EC for the transportation of heavy crudes by pipeline.
- A decision on a development partner will be made in the coming days, with construction of Colombia’s third refinery likely to start in Q1 2015 and finish before year-end.
Tue, Apr. 22, 12:46 PM
Fri, Apr. 11, 5:43 PM
- Pacific Rubiales (PEGFF) says it will spend as much as $200M to build its pipeline in Colombia to export liquefied natural gas, with a contract to supply Russia's Gazprom (OGZPY) for five years from 2015.
- Pacific Rubiales is Colombia's biggest private oil producer, with output last year of ~129K bbl/day, and plans to export LNG using the 52-mile pipeline starting sometime next year.
- At the same time, state-run Ecopetrol (EC) is looking into the viability of building a gas pipeline that would be capable of moving gas both directions to allow for both exports and imports at different times.
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