ACP as a source of information
Source: Money – National
Date: April 30
Headline: Oil below zero
The global quarantine caused by the coronavirus and geopolitical tensions have pushed crude oil prices to their lowest levels in history. Is it a structural or cyclical issue? How does it affect us? Hundreds of tankers loaded with millions of barrels of oil are currently at sea without a fixed course. The market is facing a complex situation: it has an overflowing supply and limited demand that has jeopardized storage capacity worldwide. (…) With prices at rock bottom, oil companies are barely managing to cover their obligations and will not have the cash to make capital investments or new explorations. According to the Colombian Petroleum Association (ACP), if Brent oil continues below US$40, production could fall by about 35,000 barrels per day. (…) Ecopetrol has also taken action on the matter. Its president, Felipe Bayón, explained that the company has implemented a financial adjustment plan that includes a cut in the 2020 investment plan from US$1.200 billion to a projected total of US$5.200 billion, along with a reduction in costs and expenses. It was reported in: dinero.com (April 30).
Source: larepublica.co – National
Date: April 30
Headline: ACP warns that Cenit's proposal on pipeline tariffs does not provide relief to the sector
In response to Cenit's proposal to provide relief of up to 50% in pipeline transportation tariffs, the Colombian Petroleum Association (ACP) warned that this initiative does not reduce tariffs and does not provide real relief to the sector. At several points, the association warned that this proposal cannot be considered as relief. In fact, it emphasized that ”it is not a 50% reduction in tariffs, but an offer of financing (for two months) with interest charged on this percentage.« (…) The ACP added that this financing goes against the reality faced by the sector, which has been hit by the price crisis and COVID-19. »This price situation is leading private companies to close fields and consequently reduce their production. To date, production has been reduced by about 52,000 barrels per day and an additional cut of 30,000 barrels is expected,« they said.
Source: Violeta Estéreo – Regional
Date: April 29
Source: eltiempo.com – National
Date: April 30
Headline: Ecopetrol subsidiary provides relief in pipeline tariffs to oil companies
Seeking to mitigate the strong impact of the crisis caused by the drop in crude oil prices and the COVID-19 pandemic on oil-producing companies operating in Colombia, the company Cenit and its subsidiaries stated that they will finance up to 50 percent of the crude transportation tariff by pipelines during May and June 2020, with a grace period of two months. (…) “We are convinced that it is necessary to support producers and shippers in general with financing initiatives so that Colombia's hydrocarbon industry continues to be a driver of the country's economic and social development,” said Héctor Manosalva, president of Cenit, a company that is part of the Ecopetrol Group. The cost of transporting each barrel of crude in the country amounts to 10 dollars, according to the Colombian Petroleum Association.
GREMIO
Source: El Tiempo
Date: April 30
Headline: Ecopetrol's subsidiary provides temporary relief in pipeline tariffs to other oil companies
In an effort to mitigate the strong impact of the crisis resulting from the drop in crude oil prices and the COVID-19 pandemic on oil-producing companies operating in Colombia, the company Cenit and its subsidiaries stated that they will finance up to 50 percent of the crude oil transportation tariff by pipelines during May and June 2020, with a two-month grace period. (…) “We are convinced that it is necessary to support producers and shippers in general with financing initiatives so that Colombia's hydrocarbon industry continues to be a driver of the country's economic and social development,” said Héctor Manosalva, president of Cenit, a company that is part of the Ecopetrol Group.
Source: Portafolio
Date: April 30
Headline: Relief of up to 50% in pipeline transportation tariffs
In order to mitigate the impact of the crisis due to the drop in crude oil prices and the COVID-19 pandemic on oil companies operating in the country, Cenit and its subsidiaries will finance up to 50% of the crude oil transportation tariff by pipelines during May and June 2020, with a two-month grace period. «Even though this situation also impacts the midstream segment due to lower volumes transported through the systems because of the drop in demand, we are convinced that it is necessary to support producers and shippers in general with financing initiatives so that this industry continues to be a driver of the country's economic development,» said Héctor Manosalva, president of Cenit, a company of the Ecopetrol Group.
Source: El Colombiano
Date: April 30
Headline: Cenit launched relief for the crude oil industry
Cenit, Hydrocarbon Transportation and Logistics, a subsidiary of Ecopetrol, announced that the company and its subsidiaries will finance up to 50% of the crude oil transportation tariff by pipelines in April and June of this year, also granting a two-month grace period. This announcement implies that producers will pay half of the corresponding tariff in May and June and will have a grace period between July and August and start paying the remaining percentage during the month of September, as detailed by the firm through a statement. Héctor Manosalva, president of Cenit, stated that “even though this situation also impacts the midstream segment due to lower volumes transported through the systems because of the drop in demand, we are convinced that it is necessary to support producers and shippers in general with financing initiatives so that Colombia's hydrocarbon industry continues to be a driver of the country's economic and social development.”.
Source: Vanguardia Liberal
Date: April 30
Headline: Puerto Parra received humanitarian aid from Ecopetrol
Ecopetrol announced yesterday what was a package of aid for the municipality of Puerto Parra, Santander, to assist vulnerable families during the current coronavirus pandemic. As explained by the state oil company through a press release, humanitarian aid amounting to $12.8 million was delivered to the Mayor's Office of that municipality for the purchase of food supplies. This is part of the plan implemented by the oil company to support the administrations of nearby localities in their operations to combat COVID-19.
Source: La Opinión
Date: April 30
Headline: Works on the Metropolitan Aqueduct will be reactivated
Next Monday, work will resume on subproject 1 of the Francisco de Paula Santander Metropolitan Aqueduct under strict protocols and biosecurity measures, announced the project leaders. The company Obras con Huarte Lain S.A. Branch Colombia -OHL- has already begun the preparatory phase for the gradual activation of the subproject works. (…) For the resumption of the works, the contracting company presented biosecurity protocols to Ecopetrol and the territorial entities, and a monitoring committee was formed between Ecopetrol, the Government of Norte de Santander, the mayors of Cúcuta and San Cayetano, and the Ombudsman of the latter municipality, with the support of the Attorney General's Office, who will verify compliance with all processes.
Source: La Opinión
Date: April 30
Headline: I had already warned about it. By: Fabio Humar
Oil is, and will be, a necessary good; there is no doubt about that. I published a column titled ‘sell the jewel’. I sent the text to COLPRENSA, which generously disseminates my writings, on October 12, 2018. I learned that at least one printed media published it. I said in that column that, at that time, it was the right moment to sell Ecopetrol. By those days, October 2018, oil was close to 80 dollars. (…) Well, that happened and is still happening with Ecopetrol. Understand, dear sirs, that everything that could be extracted from that company has already been taken. The state oil company has been giving royalties to the government for over 60 years. From here on, oil will increasingly be a good of little value; even if we see prices of 100 dollars again, as happened in the super cycle, it is no longer a certainty that it will last long. It is, at best, a good luck to receive money through that route again.
Topics
Source: La República
Date: April 30
Headline: The crude rebound lowered the dollar to $4.000
After six consecutive days above $4.000, this Thursday, the price of the dollar fell below that level and, with a drop of $63.35, it averaged $3.983.29. The director of strategies at Global Securities, Raúl Moreno, explained that this strengthening of the Colombian peso occurred mainly due to the recovery in oil prices of 25% for WTI to US$15.30 and of 11% in Brent to US$22.70, according to Reuters. “The latest crude inventory data in the United States shows that growth has been lower than expected by the market and there is a positive data regarding the rebound in gasoline demand. All this provides a bit of relief in the short term,” he said.
Source: La República
Date: April 30
Headline: Responses to adversity. By: Rodrigo Botero Montoya
Adversity is often an inherent part of the human condition. It is something that people and societies experience in one way or another at some point. What differentiates them is the way they react to adversity. For both individuals and societies, it can be said that adversity is a test that reveals their character, their integrity, and their capabilities. The way nations respond to adversity is a good indicator of their level of social coherence and the quality of their leaders. (…) The coincidence of the pandemic and the international collapse of oil prices represents an unprecedented economic shock for Colombia. The figures from the second quarter will reveal the magnitude of the decline that has occurred in production and employment. It will take several years to recover a trajectory of sustainable growth.
Source: Portafolio
Date: April 30
Headline: The mining sector advances in environmental protection
Various initiatives aim to consolidate the roadmap towards increasingly responsible and sustainable mining with the environment. (…) For engineer Camilo José González, a professor of Environmental Engineering at U. El Bosque, although progress has been made, there are still aspects to review in the Pact for mining-energy resources for sustainable growth and the expansion of opportunities in the territories, established in the National Development Plan 2018-2022. The Pact for sustainability proposes to secure natural resources for future generations, but within its structure, there is no mechanism that minimizes, if necessary, the environmental risks associated with the use of fracking, being faithful to the Pact.
Source: El Nuevo Siglo
Date: April 30
Headline: WTI crude rises 22%
The price of a barrel of oil in New York skyrocketed 22%. The price of the WTI barrel for delivery in June reached US$15.06. In London, the North Sea Brent barrel for delivery in the same month lost almost 7% to US$19.99.
Institutional
Source: Portafolio
Date: April 30
Headline: How is Colombia doing in terms of gas reserves?
According to the Ministry of Mines and Energy, the ‘Resources and Reserves’ Report as of December 31, 2018, issued by the ANH, reveals that the Proven Reserves (iP) of gas in the country are 3,782 Billion cubic feet (Bcf), the probable reserves 769 Bcf, the possible reserves 410 Bcf, the contingent resources 1,322 Bcf (discovered volumes), and the prospective resources amount to 13,067 Bcf (undiscovered volumes - includes offshore data). (…) ‘The same Mining and Energy Planning Unit (Upme) confirms that there are additional sources of gas that could come from production by Canacol and Ecopetrol that could shift those dates. So possible sources of gas supply do exist, and the important thing is that they can enter the market, so efforts to explore must continue; in fact, the newspaper ’El Tiempo« recently published that 30% of the country's exploration this year will be in fields with a clear focus on gas,‘ explains the executive.
Source: Caracol Radio
Date: April 29
Source: sostenibilidad.semana.com
Date: April 29
Headline: The government's progress in favor of fracking pilots continues.
The National Hydrocarbons Agency published for community comments the text of the draft agreement through which some contractual elements were incorporated that would allow the implementation of pilot projects. Environmentalists' criticisms were not long in coming. Communities and other interested parties have until 5:00 PM this Thursday, April 30, to submit their comments on the draft agreement text that would allow the implementation of Comprehensive Research Pilot Projects on Unconventional Hydrocarbon Deposits (YNC) using the multistage hydraulic fracturing technique, better known as fracking. (…) Luis Enrique Orduz, coordinator of the Socio-Environmental Program of the Podion Corporation, stated, meanwhile, that the government's progress in regulating fracking in Colombia shows a disregard for the call made by the global society against the climate crisis.
Colombian Association of Oil and Gas