Frontera Energy: Parex bid superior to previous Geopark bid
Toronto-listed Frontera?Corporation, said in a late Thursday statement that, after consulting with independent financial advisers and legal counsel, it has determined that the 'binding' offer received from Parex Resources Inc. for its Colombian Upstream Operations is superior to another bid received previously from Geopark.
Ecopetrol, Colombia's oil company, invests in higher oil prices and Venezuela deals
It said that if oil prices continue to rise due to the 'U.S./Israeli war against Iran,' it will review its investment plans in April. Ecopetrol has predicted that it will invest a higher amount than its range of 22 to 27 trillion pesos ($5.79-7.11billion) due to higher crude prices resulting from the conflict.
Ecopetrol's quarterly profit drops by 61%
Ecopetrol, Colombia's state-owned oil company, reported on Wednesday a 60.8% decline in profits for the fourth quarter compared to a year earlier. This was due to lower Brent crude oil prices, lower gas sales at home, and a weaker currency. The company reported in a filing…
Ecopetrol's Q4 profit drops by 58%
Ecopetrol, Colombia's state-owned oil producer, reported on Wednesday a 58% decline in profits for the fourth quarter compared to a year ago. This was due to lower Brent crude prices, lower gas sales in Colombia, and effects of a weaker currency. The company reported in a…
Canada's Parex Resources has offered $500 million for Frontera Energy Colombia's assets
Parex Resources announced on Monday that it has submitted a $500 million cash-only proposal to purchase the Colombian Upstream Operations of Frontera Energy. The offer includes the assumption of debt as well as a contingent payment amounting to $25 million. Parex stated that…
US oil companies juggle Venezuelan opportunity and investor concerns ahead of White House Summit
U.S. Oil executives will weigh the business potential of Venezuela and the enthusiasm expressed by President Donald Trump against the cautious attitude expressed by their investors when they are summoned to meet at the White House this Friday to discuss possible investment plans.
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb most of the approximately 1 million barrels of crude oil per day if U.S. Sanctions on Venezuela are lifted. According to a report on Tuesday, the U.S. has been in talks with Venezuela about exporting crude oil from the South American country to the United States. Sources say that U.S.
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb the majority of the approximately 1 million barrels of crude oil per day that would be traded freely if the sanctions were lifted. The sanctions against the South American nation are lifted. Canadian oil companies, who sell heavy crude similar to that of Venezuela…
Frontera to Supply Significant Crude Oil to Chevron Unit
Frontera Energy's Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron to supply crude oil over two years, the Canadian oil producer said on Monday.Under the deal, Frontera will receive an initial $80…
Industry head: Colombia will see a jump in renewable energy by 2025, thanks to new players.
Alexandra Hernandez (President of the Colombian Renewable Energy Association, SER Colombia) said that Colombia will end 2025 with 2,685 Megawatts (MW), up 49% compared to 1,800 MW by the end of 2024. This is due to new project commissions as well as some regulatory changes.
Colombia's Ecopetrol will invest $6.3 billion by 2025 and drill five more wells
Ecopetrol ECO.CN, Colombia's state energy company, expects to invest $6.3 billion by 2025, which is 90% of the target. The company executives said in an interview with the Colombian press on Thursday that the company could end the year drilling five more exploratory wells.
Indigenous leaders from the Amazon to the Andes bring their demands to COP30
A boat with dozens of Indigenous Leaders arrived in Belem a few days before the UN's COP30 Climate Summit. They had traveled for weeks, from a glacier on the Andes mountains to Brazil's tropical coastline. They wanted to have a bigger say in the management of their territories…
Indigenous leaders from the Amazon to the Andes bring their demands to the COP30
A boat with dozens of Indigenous leaders landed at Belem, Brazil, a day before the United Nations COP30 Climate Summit. They wanted to have a bigger say in the management of their territory, especially as climate change continues to escalate and more industries, such as mining, oil drilling, and logging, are pushing deeper into forests.
Ecopetrol and Petrobras announce joint-venture to market natural gas from Colombia’s Sirius Project
Ecopetrol, Colombia's energy company run by the state and Petrobras, Brazil's oil firm owned by the state, announced a partnership on Thursday for a joint marketing of natural gases from Colombia's Sirius Project. Ecopetrol owns 55.6% of the Sirius block, Petrobras holds the remaining 44.4%, and is the operator for the project.
Aramco CEO: Oil demand is strong and the market is watching Russia sanctions
The CEO of Saudi Arabia's state-owned oil giant Aramco stated on Tuesday that crude oil demand had been strong before sanctions were imposed against major Russian oil companies Rosneft, and Lukoil. He also said the Chinese demand was healthy. Donald Trump, the U.S. president…
Colombia wins offshore wind bid by CIP of Denmark
The head of Colombia's hydrocarbons agency announced on Thursday that a subsidiary from Denmark's Copenhagen Infrastructure Partners, CIP, had bid to develop a wind project for the first round of the South American nation's offshore energy auction. Orlando Velandia of Colombia's National Hydrocarbons Agency…
The Colombian Sirius gas project is moving forward with consultations and nearing the contracting phase
Alcindo Moritz, Petrobras Colombia's chief, said that the project Sirius, which is being developed by Ecopetrol, a state oil company in Colombia, and Petrobras of Brazil, off its Caribbean coast, has nearly completed half of the consultations with communities who could be affected by it.
Colombia's Ecopetrol will launch a bid for the Covenas regasification Project
Ecopetrol, the state-owned oil company in Colombia, will launch the bidding for a regasification at its Covenas terminal in the northern part of the country later this month. CEO Ricardo Roa announced the plan on Monday. Ecopetrol is expected to begin accepting binding bids on October 14 for the project…
Ecopetrol to Launch Covenas Regasification Project Bidding
Colombian state-run oil company Ecopetrol is set to launch the bidding process later this month for a regasification project at its Covenas maritime terminal in the north of the country, CEO Ricardo Roa said on Monday.Ecopetrol will begin accepting binding bids for the project on October 14, with a winner expected to be announced before t
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla…