ACP as a source of information
Source: La República – National
Date: June 12
Headline: Crude prices lost more than 8% due to fears of a resurgence
This week, oil prices have not been at their best. During the last session, around 3:00 p.m., the WTI benchmark recorded a drop of 9,44% and stood at US$35.86 per barrel, while Brent fell 8,87% and reached a quote of US$38.03 per barrel. (…) Regarding the future of the oil market, Francisco José Lloreda, president of the Colombian Petroleum Association (ACP), noted that “it is expected that this cut will help reduce the inventories that are still stored and allow for the recovery of crude prices and the global industry.” Additionally, the expert explained that despite the measures from OPEC and its allies, caution is still needed, as it is unknown how the progress and recovery from the COVID-19 pandemic will continue, and it must be awaited that all nations can effectively meet their cut quotas. Responded in: larepublica.co (June 12).
Source: Portafolio – National
Author: Rafael Herz*
Date: June 12
Headline: Racism and inequality
Protests against racism highlighted by the death of an African American citizen at the hands of police in Minneapolis have gained enormous intensity, not only in the U.S. but globally. These protests are occurring with greater strength and with various agendas in the context of the current health crisis. They are calls against exclusion and racial violence, but also against inequality, particularly in countries with weak social security and public health systems. In developed countries, an example of these weaknesses is the U.S. Before the current pandemic, nearly 15% of the population in that country received food assistance and almost 10% did not have health insurance. As a consequence of the crisis, more than 40 million Americans have applied for unemployment support, and the number of families in poverty has increased significantly. Thus, the protests are against both racism and inequality. *Vice President of the ACP. Responded in: portafolio.co (June 11).
Source: bnamericas.com – International
Date: June 11
Headline: Colombia would award contracts for fracking pilots by October
Colombia is on track to award contracts for fracking pilots this year, as the government is accelerating plans for unconventional oil and gas drilling, according to a senior energy official. The Ministry of Mines and Energy is in the final stages of drafting a regulatory framework for the practice, which —according to experts— could triple the country's oil and gas reserves. «A call [for proposals] is coming for those who will carry out pilot projects,» said the president of the hydrocarbon regulator ANH, Armando Zamora, in an interview with the newspaper La República. (…) ExxonMobil, ConocoPhillips, Parex, Drummond, and the state oil company Ecopetrol are some of the companies that have submitted plans to conduct unconventional pilots in the Andean nation. According to the Colombian Petroleum Association, the projects could produce up to 450,000bep/d and attract annual investments of US$5,000mn.
GREMIO
Source: El Tiempo
Date: June 12
Headline: Rating upgrade for Gran Tierra
The rating agency S&S Global Ratings raised Gran Tierra Energy's issuer credit rating to B- from CCC+ and, additionally, the issue ratings to B- from CCC+.
Source: La República
Date: June 12
Headline: Listed companies seek investment abroad
Between June 16 and 18, a new version of Colombia InsideOut will take place, the forum that has promoted the internationalization of the country's capital market for nine years. On this occasion, the presidents of 14 of the main companies listed on the Colombian Stock Exchange (BVC) will seek financing in London. Due to global mobility restrictions, participants will not travel to the United Kingdom, but the event will be virtual. (…) Colombia InsideOut will have a public conference in which investors from the British capital will connect with the Director of Public Credit of the Ministry of Finance, César Augusto Arias, who will talk to them about macroeconomic challenges in Colombia. There will also be a panel on the post-COVID oil and gas industry with interventions from the president of Ecopetrol, Felipe Bayón; the country manager of GeoPark in Colombia, Marcela Vaca; and the CEO of Canacol Energy, Charle Gamba.
Source: Vanguardia Liberal
Date: June 12
Headline: Delivery of face shields
Thanks to the contribution from Ecopetrol, the Mayor's Office of Sabana de Torres delivered 600 fluid-resistant face shields this week to the personnel working shifts at the municipality's entry control points. These biosecurity items will provide the necessary protection to this personnel who work daily to contain the coronavirus pandemic.
Source: El Frente
Date: June 12
Headline: Solidarity contribution for economic relief for families
In Barrancabermeja, economic relief continues to be provided to thousands of families in this District, who during the quarantine have not received any benefits from the State. Therefore, the District Mayor's Office, in partnership with Ecopetrol, continues to deliver the solidarity contribution of $160,000 at the 77 authorized Efecty and Dimonex points, to residents whose needs have multiplied during the pandemic. (…) During the aid delivery days, the residents of Barrancabermeja have expressed their gratitude to the Mayor's Office and Ecopetrol; they have also shared how they plan to spend this money.
Topics
Source: El Tiempo
Date: June 12
Headline: Oil is up to its tricks again
The dollar rose 73 pesos yesterday, trading at an average of 3,737 pesos, compared to the official rate of 3,674 pesos, pressured by the drop in oil prices, as fears of a second wave of covid-19 caused the Brent barrel for August delivery to end at $38.55, down 8.2%, while WTI fell to $36.34.
Source: La República
Date: June 12
Headline: The dollar surpassed $3,700 due to the worst drop in oil since May
The dollar continues its recovery and, with an intraday rise of $71.91, traded at an average of $3,746.72, completing an increase of $181 so far this week. Initially, the dollar appreciated globally due to the sharp decline in the U.S. stock market amid lower expectations for a quick recovery of the global economy due to the pandemic. In addition, oil prices plummeted in yesterday's session due to another record increase in crude inventories in the United States and projections from the Federal Reserve (Fed) that the economy of that country will contract by 6.5% this year. According to the latest Reuters close, the Brent barrel, a reference for the Colombian market, fell 7.62%, to US$38.55; while WTI fell 8.23%, to US$36.34
Source: Portafolio
Date: June 12
Headline: Global markets suffer another black day
Global stock markets had several weeks of calm and optimism in their behavior, which led several of the main indices to even erase the losses generated by the outbreak of the pandemic. Additionally, oil was trading above US$40 and the dollar managed to approach $3,750 per unit. However, the new black day experienced yesterday brought the markets back to the reality facing the international economy. (…) But not only the stock markets were affected. The price of Brent oil, a reference for Colombia, also experienced a significant decline.
Source: El Nuevo Siglo
Date: June 12
Headline: Ecuador
Ecuador will suspend oil transportation through a private pipeline for 4 days for 180,000 barrels per day, without affecting sales. «Due to the advance of the regressive erosion in the Quijos River, OCP Ecuador began draining a section of its pipeline, thus suspending oil transportation for four days,» the company announced.
Source: El Diario
Date: June 12
Headline: Maintenance on the pipeline raises concerns about contamination risk
Owners of a property located near Puerto Caldas, in the area known as ‘Curva del Diablo,’ are requesting the presence of environmental authorities to verify how the work is being carried out. (…) where it clarifies that: “the company indeed has authorization to carry out the necessary work to repair the pipeline to avoid any imminent risk, but they did not receive notification of the opening of the interventions. On February 10, 2020, the order with registration number 002-2020 was issued authorizing the company Cenit. (…) The Cárder in a statement says that: “the company Cenit Transporte y Logística de Hidrocarburos S.A.S. informed them on February 20, 2020, about the start of mechanical repair works on the Medellín–Cartago Pipeline. (…) Regarding the actions taken, the following relationship is made: the mentioned oil infrastructure presents defects called “Crack Field” and therefore must be intervened in accordance with the provided schedule…
Institutional
Source: El Tiempo
Date: June 12
Headline: Government transferred $2.800 million to gas stations
The Government has taken 13 relief measures to date for the retail fuel distribution sector, to help ensure the continuity of service. The Ministry of Mines has met with 15 industry associations to analyze their proposals and has also transferred more than $2.800 million to alleviate the expenses of nearly 2,200 stations.
Source: La Opinión
Date: June 12
Headline: Call for «Fracking»
The president of the National Hydrocarbons Agency, Armando Zamora, reported that in July the regulations for ‘fracking’ pilots will be released, so that in September or October they can be awarded, through a call, to the companies that will invest in these initiatives.
Source: Extra Girardot
Date: June 11
Headline: Could there be a fuel shortage?
The National Federation of Fuel and Energy Distributors (Fendipetróleo) announced that due to the Coronavirus quarantine, which forced a mandatory isolation in the country, service stations have recorded significant losses, which could lead to a widespread shortage. According to figures presented by this association, during the quarantine period, liquid fuel sales have decreased by around 80%. In April, the losses recorded for the retail distribution sector amounted to $1.8 trillion, of which $370,000 million corresponded to tax revenues for the Nation. (…) It also noted that the Ministry of Mines and Energy could have avoided this serious situation if it had taken into account the proposals presented by retail distributors, “solutions that would guarantee fiscal sustainability and financial sufficiency for the sector.”.
Source: La FM Radio
Date: June 11
Source: rcnradio.com
Date: June 11
Headline: Minminas has injected $2.860 million to avoid fuel shortages
The Ministry of Mines and Energy stated that the National Government has taken 13 measures to financially support small fuel distributors, in order to provide relief that allows for the continuity of hydrocarbon supply in the country, in light of the economic crisis due to the coronavirus. It authorized the partial allocation of resources from the Soldicom fund to support retail distributors in this contingency, allocating an initial budget of 7.300 million pesos, with the aim of benefiting nearly 5,500 service stations nationwide. (…) According to the Ministry of Mines, so far about 2,200 service stations have received this financial aid, which already totals nearly 2.860 million pesos.
Source: bnamericas.com
Date: June 11
Headline: Gas outlook in Colombia: the 10 major production projects
The Cupiagua area, operated by the state-owned Ecopetrol, will be Colombia's most prolific natural block in the next decade, according to forecasts published by the Ministry of Mines and Energy. The area, in the eastern department of Casanare, would produce an average of 210,000 million BTU per day (MBTU/d) between December 2020 and November 2029, the ministry said in a natural gas outlook report. The 43-page document includes production projections presented by operators during the first quarter of this year. (…) Other gas producers —such as Cepsa, Drummond, Dutmy, Equión, Hades, Interoil, Lewis, Occidental, Parex, Perenco, Petrosantander, Petrosouth, Unión Temporal Omega, and Verano— would maintain their combined share stable at 3.7% over the next 10 years, according to the report.
Colombian Association of Oil and Gas