Wednesday, May 22, 2024

Colombian Government News

Ecopetrol, Repsol Sign Joint Deal for Offshore Oil Block

Colombia's state-run oil company Ecopetrol has signed a joint contract with Spain's Repsol to operate an offshore block in the Caribbean, Ecopetrol said on Wednesday.The contract for the GUA-OFF-1 block is the second new offshore deal Ecopetrol has inked with the Colombian government this year.Colombia recently modified contractual…

Gas Natural Seeks Colombia's Help to Chase Unpaid Bills

Spanish energy company Gas Natural has asked for talks with the Colombian government on a new legal framework to allow it to recover 1.3 billion euros ($1.44 billion) in unpaid bills owed to its Colombian electricity business. Electricaribe distributes power to 2.5 million customers on Colombia's Caribbean coast but has suffered persistent liquidity problems because of fraud and payment arrears…

Colombia's Largest Oil Union to Vote on Possible Strike

Members of Colombia's largest oil workers union will vote on whether to strike in protest of privatizations at state-run oil company Ecopetrol, the union's president said on Tuesday. Most of the 21,000 members of the Workers Union for the Petroleum Industry (USO) work at Ecopetrol, which has sold several major non-oil related assets in an effort to refocus its operations after the slump in crude prices.

Colombia Sells Isagen Controlling Stake to Brookfield

The Colombian government sold its 57.6 percent controlling stake in power generator Isagen to Canada's Brookfield Asset Management for $1.99 billion, finance minister Mauricio Cardenas said on Wednesday. The stake, sold at the minimum price of 6.49 trillion Colombian pesos, is the largest privatization in the country in nearly a decade.

Venezuela Delays Gas Exports to Colombia

Venezuela's state oil company, PDVSA, has delayed the export of natural gas to Colombia because of climate factors, the Colombian Mines and Energy Ministry said on Friday. In a letter to the Colombian government on Wednesday, PDVSA said the exports would not begin because of "climate variability," the ministry said in a statement.

Colombia: the Wild Card in Asian Coal Prices

There are several reasons why coal prices in Asia are unlikely to rally much in the coming years, but the most compelling one is also likely one of the most obscure: Colombia. Why should a South American country that hasn't exported much coal to Asia recently provide the cap for prices? Because as soon as Asian coal prices rise to a level that would make sense for Colombian miners to resume exports…

Colombia Sees $60 Oil, Won't Cut Output

Colombia will not curtail oil output this year, despite a plunge in the crude price and global supply outstripping demand at a near-record pace, its finance minister said on Tuesday. The Organization of Petroleum Exporting Countries (OPEC), which supplies about a third of the world's oil needs, has signalled the onus is on non…

Chile's Colbun Flags Interest in Colombian Generator Isagen

Chilean energy firm Colbun said it is considering bidding for the controlling stake in electricity generator Isagen that the Colombian government is putting up for sale. Earlier this month, the government said it would put the 57.6 percent stake up for sale for at least $2 billion as it seeks to raise cash at a time when low crude prices have put a dent in government finances.

Colombia's Ecopetrol Sees Recovery in 2015

Colombia's top energy company Ecopetrol is targeting production of 1 million barrels of oil equivalent per day in 2015, a steep recovery over this year, clouded by rebel attacks on infrastructure and exploration failures. Ecopetrol chief financial officer Magda Manosalva told a conference in London that while the primary focus would remain on Colombia…

Ecopetrol Sees Recovery in 2015 Oil Output

Colombia's top energy company Ecopetrol is targeting production of 1 million barrels of oil equivalent per day in 2015, a steep recovery over this year, clouded by rebel attacks on infrastructure and exploration failures. Ecopetrol chief financial officer Magda Manosalva told a conference in London that while the primary focus would remain on Colombia…