Headlines August 10th through 16th
Learn the day to day of the oil and gas industry.
GTE Q2 production flat, loss continues
Gran Tierra Energy (TSX:GTE) issued its results for the second quarter, the first full earnings period since a new management team took the helm of the firm and redirected its strategic focus to Colombia, posting steady but flat production and a narrowed net loss.
Exploration goal continues to drop
Falling exploration activity remains one of the biggest concerns for the industry’s long term potential in Colombia, and the reduced goals set out by the National Hydrocarbons Agency (ANH) and the Colombian Petroleum Association (ACP) confirm this.
Puerto Gaitán: From bust to boom, back to bust
In ten years Meta’s Puerto Gaitán, located next to the Rubiales field, went from the department’s poorest community to oil boom town, and with the price drop the bubble has apparently burst once again for the local economy.
USO raises red flag on Reficar labor conditions
As the Cartagena Refinery (Reficar) advances, the USO has taken aim at labor conditions and says it has formed a delegation which along with the Labor Ministry will visit the refinery to confirm its accusations.
Why does it feel like things are moving sideways?
The Northern Europeans are probably jubilant with the events of the last couple of weeks and editorial cartoonists have started once again to lampoon President Juan Manuel Santos’ alleged Nobel Peace Prize ambitions. But I read the tea-leaves a bit less optimistically. Production will probably be up for the next four months – assuming the latest truce holds – but no one should be planning to cut back on security budgets in 2016.
Ecopetrol becoming a transportation company?
We doubt that CEO Juan Carlos Echeverry would agree with the statement in our title and it is admittedly, more than a little exaggerated for effect. But the company’s profits at least are shifting towards the hydrocarbons transportation line-of-business. It can be seen in the above graph (we scaled 1H15 results by days-remaining-in-the-year to get our 2015e) but perhaps more dramatically in some of the charts we show below.