ACP as a source of information
Source: dinero.com – National
Date: October 16
Headline: Ecopetrol discovers new oil well
Ecopetrol reported a crude discovery in the department of Santander, more precisely the Flamencos-1 well, which is located in Puerto Wilches. The oil company reported that during the initial tests, 2,413 barrels of oil were extracted. “This discovery is part of the exploration strategy in areas close to production fields, to incorporate reserves and barrels in shorter times,” said Felipe Bayón, president of Ecopetrol. (…) In recent days, the ACP had expressed the need to increase this type of exploration not only in areas close to production fields but also in other unexplored areas, and indicated that to find the reserves that the country needs, it would be necessary to return to the exploration levels of 2012, when more than 130 wells were surpassed. The 48 that is the goal for this year would be insufficient.
Source: sputniknews.com – International
Date: October 16
Headline: Oil company finds crude in northern Colombia
The Colombian oil company Ecopetrol reported that it found crude in the department of Santander (north) and during the initial tests accumulated 2,413 barrels. «Ecopetrol reported this Wednesday [October 16] that the Flamencos-1 well, located in Puerto Wilches (Santander), confirmed the presence of crude in the La Paz formation. (…) The well, operated by Ecopetrol, reached a total depth of 2,620 meters,» states a statement released by the company. (…) The president of the Colombian Petroleum Association, Francisco José Lloreda, told Caracol Radio on October 9 that the country could take about a hundred years to develop its oil potential if the current pace of 50 exploratory wells per year is maintained.
Hydrocarbons Sector
Source: El Tiempo
Date: October 17
Headline: Crude discovery reported in Santander
2,413 barrels of oil accumulated in the initial tests reported by the state oil company Ecopetrol in the Flamencos-1 well in Puerto Wilches, Santander. According to the company, the producing unit is the same as the Cantagallo and Garzas fields, and the proximity of those stations and the Barrancabermeja refinery to Flamencos provides operational advantages.
Source: La República
Date: October 17
Headline: Ecopetrol well in Puerto Wilches has already produced 2,400 barrels of oil
Ecopetrol announced a new oil discovery in Puerto Wilches, Santander. According to the company, through a statement, the presence of crude was confirmed in the La Paz formation, in the Flamencos-1 well. With this, the oil company completes four discoveries along with: Andina Norte 1, in partnership with Parex; Boranda, also from these last two; and Arrecife, which was made by its subsidiary Hocol. The well in Santander, which is within the Magdalena Medio Exploitation Agreement, has a 100% participation from Ecopetrol, which is also the operator. According to the company, this well reached a depth of 8,561 feet (2,620 meters) and found the La Paz formation between 7,465 and 8,263 feet (2,276 and 2,519 meters).
Source: La República
Date: October 17
Headline: The sectors that benefit from the 2020 Budget
Four days before the National Government met the deadline for the approval of the General Budget of the Nation for the next year, the project reached the plenary sessions of the Senate and Chamber for its final approval. Precisely, after a little more than nine hours of debate, yesterday, the Senate Plenary approved the bill that will have a total amount of $271.7 trillion. (…) Table. *figures in billions of pesos. Mines and Energy. 2019. 3,592; project in first debate 3,913 Variation 8,94%.
Source: La República
Date: October 17
Headline: The dollar gained $8.27 against the TRM and closed on average at $3,459.6
In the midst of a day with high volatility, the dollar achieved an average price of $3,459.60, which represented an increase of $8.27 against the Representative Market Rate (TRM), which stood at $3,451.33. (…) Regarding forecasts, experts agree that what lies ahead is that the global economy will continue to cool down and this would lead to a recession, which would become a factor of volatility. Oil prices traded higher. The WTI barrel increased 1.04% to US$53.36, while Brent rose 1.16% to US$59.42.
Source: La República
Date: October 17
Headline: Imported gas could raise the prices of this fuel up to 130% according to Asoenergía
In the framework of the forum «The vision of the energy sector: the next 25 years,» held by Asoenergía, the uncertainty of the future gas supply, the Electricaribe crisis, and the sector restrictions currently facing the industry were discussed. One of the points emphasized by the guild was the decline in gas reserves. According to Asoenergía, there is concern for consumers as it is estimated that dependence on imported gas could raise the prices of this fuel up to 130%. This is why the guild called for changes to the “government taker” conditions to stimulate exploration and exploitation activities for gas. The importance of offshore production and the viability of increasing internal production with more incentives was also highlighted. It is expected that several oil companies will meet today in the second day of the Asoenergía forum.
Source: La República
Date: October 17
Headline: Character of the day. Felipe Bayón
The president of Ecopetrol celebrated that the company reported a new oil discovery in Puerto Wilches, Santander. This well has a 100% participation from Ecopetrol, which is also the operator. So far this year, the company has made four discoveries.
Source: Portafolio
Date: October 17
Headline: Petronas, with a runway to land its ‘offshore’ task in Colombia
The Malaysian state company would be interested in developing blocks in Caribbean Sea waters, either in partnership with Ecopetrol or with the multinational E.U., Oxy. An international oil company operating on five continents that has been seeking a runway to land and develop its task in Colombia is the Malaysian state company Petronas. (…) Portafolio was able to establish, with sources in the National Hydrocarbons Agency (ANH), that the aforementioned state oil company is not only interested in partnering with Ecopetrol to jointly operate the three blocks that the Colombian company previously developed with the then U.S. hydrocarbon company Anadarko. But it is also paying special attention to the four offshore blocks held by the also American Occidental Petroleum (Oxy), which were acquired about seven months ago from Anadarko.
Source: Portafolio
Date: October 17
Headline: OPEC would extend crude cuts
(Reuters) Brent oil prices rose from US$59 per barrel yesterday, driven by signs that OPEC and its allies will further reduce their pumping in December, despite fears that crude demand will cool in the rest of the world.
Regional News
Source: periodicodelmeta.com
Date: October 16
Headline: Candidates for the Governorship of Meta present their proposals regarding the economy
The crisis of the road to Llano has impacted productivity and competitiveness, in addition to increasing logistical costs, according to business guilds in the region. Sectors such as agriculture, tourism, and hydrocarbons are the most affected. A report from ‘Dimensión energética’, a specialized magazine in the hydrocarbons sector, indicates that the collapse of the road has negatively impacted, as it is the main connection of the field with the highest crude production: Rubiales, in Puerto Gaitán. Indeed, from Bogotá to Villavicencio the distance increases from 123 km to 567 km, a 361%, which generates increases in transport times and rates. Currently, Meta is the main producer of hydrocarbons with 48.7% of the production in Colombia, according to the National Hydrocarbons Agency (ANH).
Source: eldiariodelllano.com
Date: October 16
Headline: With votes from Cambio Radical, royalties can be recovered
A new discussion on the legislative act project that reforms the royalty system took another step in the Congress of the Republic, after the vote that allowed the approval of this initiative in the sixth debate. With this project supported among other parties by the Cambio Radical Party, one of the largest caucuses in the Congress of the Republic, it will allow producing departments, including Casanare, to recover a percentage of the direct royalties whose redistribution was generated in the past government.
Colombian Association of Oil and Gas