ACP as a source of information
Source: radiosantafe.com – Regional
Date: February 09
Headline: Ecopetrol and Shell join forces to work in the gas block of the Colombian Caribbean
Ecopetrol and the Anglo-Dutch energy giant Royal Dutch Shell have joined to develop three gas blocks in the waters of the Caribbean Sea, the two companies reported on Friday. The agreement states that Shell will acquire a 50% stake in the Fuerte Sur, Purple Angel, and COL-5 blocks, where it detected significant gas potential in three wells between 2015 and 2017, the companies explained. (…) It is expected that the oil companies will invest between 920 million and 1 billion dollars in exploration in the South American country this year, according to the Colombian Petroleum Association. Between 250 million and 260 million dollars will be allocated to offshore projects.
Source: El Colombiano – Regional
Date: February 08
Headline: Ecopetrol and Shell, united by gas
Boosting their business with the development of a gas province on the Colombian Caribbean Coast, this is the summary of the latest move announced by Ecopetrol, which reported the signing of an agreement under which the hydrocarbon firm Shell will acquire a 50% stake in the Fuerte Sur, Purple Angel, and COL-5 blocks, located in deep Caribbean waters. The importance of this reservoir is such that in 2017 the Government itself, led by former energy minister Germán Arce, stated that it was “the largest gas discovery in 28 years.” Furthermore, the Colombian Petroleum Association (Acp) and the Colombian Chamber of Oil Goods and Services (Campetrol) estimate that gas reserves are guaranteed for the next 11 years, making offshore exploration an interesting alternative, although developing the full potential could take up to 10 years. Responded in: elcolombiano.com (February 08).
GREMIO
Source: El Tiempo
Date: February 10
Headline: Russia has the oil market in suspense
The Russian Energy Minister, Alexandre Novak, announced that his country will speak out on a possible additional reduction in oil production “in the coming days.” According to several media outlets, Russia opposed last Thursday, in an extraordinary meeting in Vienna, the recommendation of the Opec+ technical committee, which includes the 13 Opec (Organization of the Petroleum Exporting Countries) powers and 10 other major producers, to reduce crude production by an additional 600,000 barrels per day to stop the price drop caused by the coronavirus epidemic in China. (…) This volatility in oil prices has impacted the performance of Ecopetrol's stock on the stock exchange, whose price, so far this year, has fallen by 3.16 percent, to 3,215 pesos on Friday.
Source: La República
Date: February 10
Headline: Gasnova asks the Government for regulations for vehicular LPG.
One of the government's major bets is on energy transition, and one of its pillars, for example, is that families who cook with firewood switch to other options, such as LPG. Alejandro Martínez Villegas, president of the Colombian LPG Association (Gasnova), spoke about the sector's progress, although he calls for regulations for vehicles. (…) We do not understand the delay on the part of the Ministry of Mines and believe that Colombia deserves to have this new fuel option, as this is the most used alternative worldwide in the automotive sector compared to gasoline and diesel. (…) In terms of imports, we do not have the capacity to double the size of the market. Nowadays, we have sufficient port storage infrastructure to import up to 50,000 tons of LPG per month. Regarding exports, at this moment Ecopetrol is temporarily having some production surpluses, which would need to be discussed with them.
Source: La República
Date: February 10
Headline: Public financing of 2020: Is everything clear? By: Sergio Clavijo.
The MHCP recently revealed that it had met its goal of reducing the Central Government (GC) deficit to 2.51% of GDP in 2019. At first glance, this figure seems commendable, considering that the Fiscal Rule Committee had given it the leeway to reach a deficit of up to 2.71% of GDP (citing an additional spending shock of +0.51% of GDP due to Venezuelan immigrants). (…) Colombia is overdue, as Peru did years ago, to clarify its Fiscal Rule and focus it on the trajectory of public debt and not on “output-oil gap” which is of little use to understand the challenges at hand. (…) Let us remember that the “capital resources,” which complemented the good taxation of 14.3% of GDP (+0.41% compared to 2018), correspond to the extraordinary profits that BR and Ecopetrol had in 2019, raising those resources to 21% of GDP (with a delta of +0.81% of GDP compared to 2018).
Source: Portafolio
Date: February 10
Headline: Ecopetrol's tasks to take over the Caribbean waters.
The state oil company Ecopetrol accelerated its course in the navigation chart it drew up to strengthen its offshore operation in the waters of the Colombian Caribbean. To date, and in just over nine months, it has managed to expand its presence to eight blocks for oil development off the country's coasts, of which six are in the exploration stage, and two are already carrying out production tasks. (…) With the signing of the concession contract with the National Hydrocarbons Agency (ANH) for this block, Ecopetrol commits to invest US$4.9 million for the acquisition of 100 km² of 3D seismic, and, following the results, an exploratory well would be drilled, bringing the disbursement to US$90 million.
Source: El Universal
Date: February 10
Headline: With Shell offshore, Ecopetrol added 5 alliances.
Ecopetrol continues to strengthen its national and international operation with strategic global partners. The company signed an agreement with Shell EP Offshore Ventures Limited (‘Shell’), with the aim of the multinational acquiring a 50% stake in the Fuerte Sur, Purple Angel, and COL-5 blocks, areas located in the Colombian Caribbean. The announcement of the joint work added to the four alliances that the oil company has made in the last year: with Chevron to enter a block in the Gulf of Mexico, in the United States; with Occidental Petroleum to be in the Permian; with Shell to enter the Gato do Mato block in Brazil's presalt, and one more with Chevron to be in the Saturn block in Brazil's offshore.
Source: El Meridiano de Córdoba
Date: February 10
Headline: New hydrocarbon well found.
The company Frontera Energy announced a hydrocarbon discovery in the exploratory well La Belleza-1 drilled in the VIM-1 block located in the Lower Magdalena Valley. The initial results of the well are very positive, the combination of light oil and natural gas complements the mix of light and heavy crudes in the company's portfolio, and aims at the strategic objective of increasing the proportion of natural gas in the production profile.
Source: El Informador
Date: February 10
Headline: The pact for the Gulf of Morrosquillo is a reality. By María del Rosario Guerra
The government of President Iván Duque is a government that does not stop working and that fulfills its promises in order to build a country with legality, entrepreneurship, and equity. In the Caribbean region, we have already seen several examples of President Duque's commitment to bring solutions to the territory, especially to those most affected by poverty, violence, drug trafficking, and in general by the absence of the State. This is the case of the Gulf of Morrosquillo, made up of the municipalities of Moñitos, San Bernardo del Viento, Santa Cruz de Lorica, and San Antero in the department of Córdoba; and Coveñas, Santiago de Tolú, San Onofre, Tolú Viejo, and San Antonio de Palmito, in Sucre. A region that, in addition to hosting part of the Caño Limón Coveñas Pipeline, has great tourism potential, capable of becoming a top-level destination.
Source: prensalibrecasanare.com
Date: February 10
Headline: Power outages this week in Pore, Yopal, Sácama, and La Salina
Enerca S.A E.S.P. informed users of the electric service in some sectors of the rural area of the Municipality of Pore that this Tuesday, February 11, preventive maintenance will be carried out, installation of reconnectors, and outgoing circuits in the Guachiría substation at a voltage level of 13.8KV. (…) The work to be carried out consists of clearing the medium voltage network corridor, changing insulation and protections that are in poor condition. The electric service will be suspended from 8:30 a.m. to 3:00 p.m. in the rural areas of Taladro, San Nicolás, San Antonio, Rincón del Moriche, Válvula 2 Oleoducto Bicentenario Ecopetrol.
Topics
Source: The Republic
Date: February 10
Headline: Brave nonsense. By: Alberto J. Bernal -León
A few months ago, I shared the podium at an event at the University of Miami with Alejandro Werner, the Managing Director of the Western Hemisphere Department of the IMF. During his presentation, Dr. Werner presented to the audience the new estimates that the IMF has regarding the magnitude of the debacle that Venezuela has suffered at the hands of the dictator Nicolás Maduro. (…) And as if that weren't enough, the news agency Bloomberg published a note on January 27 stating that, in light of the economic debacle, Maduro is trying to advance a bill that would allow the total privatization of Pdvsa. According to Bloomberg, the Maduro government has already offered the state oil company to Rosneft, Repsol, and the Italian Eni SpA. The most pathetic thing is that the tyrant Maduro is trying to sell a company that today produces only 700,000 barrels of oil a day, when a few decades ago it produced 3.5 million barrels a day. In other words, he is giving away the company!
Source: La República
Date: February 10
Headline: «We need to reduce the processing times of the processes»
The government plans to present in the coming months a new attempt at justice reform in which changing the requirements and powers of the magistrates of the high courts is being considered, while proposals are being studied to alleviate the congestion in the country's judicial offices. (…) Regarding the most relevant rulings, although it is very subjective, I could mention some such as the decision on the nature of public service networks that are not of the Nation, or the one adopted in the case of the sanction imposed by the Attorney General's Office on former mayor Samuel Moreno Rojas. Others stand out such as the actions of Section Three regarding fracking; the Unification Judgment on public lighting issued by Section Four, or the annulment of the election of Mrs. Aida Merlano, among others.
Source: Portafolio
Date: February 10
Headline: Entrepreneurs and government, a symbiosis with risks. By: César Caballero
The president is developing a pro-business government. In his cabinet, he has appointed at least 5 union leaders in addition to other positions that clearly also represent them. He attends many sector events, and he is seen inaugurating fashion stores and gas stations. His greatest achievement in Congress is a tax reform with a clear emphasis in their favor. (…) Then comes the issue of moving from intentions and promises to fulfillments and facts. It is no secret that this government has been slow. Some entrepreneurs are already complaining about having heard the same speech from the president 5 or 6 times, with the same promises, followed by the same applause, and even today the fracking pilot has not started, the decree for the legal production of marijuana has not been signed, and the necessary pension and labor reforms are still in the discussion of ideas.
Source: El Nuevo Siglo
Date: February 10
Headline: Coronavirus virus still does not affect the Colombian economy
The coronavirus virus still does not affect the course of the Colombian economy. This is evident from the behaviors that so far are showing key indicators such as inflation, the exchange rate, and even the price of oil, which is decreasing but with the trade problems between the United States and China. According to a report from Bancolombia, “the emergence of the coronavirus does not lead us to modify our scenarios for the behavior of Colombian assets for 2020. (…) The experience of previous outbreaks is clear in suggesting that the prices of basic goods end epidemics at levels 6% higher than those they showed. The adjustment of oil is more pronounced, as it usually ends epidemics 16% above its starting price. Undoubtedly, the trend extends clearly to Colombian markets.
Source: El Informador
Date: February 10
Headline: Inhabitants of Ariguaní protest for job opportunities
A group of citizens peacefully demonstrated outside the gas production company in the municipality, claiming that they have not fulfilled their obligation to hire local labor. In recent days, the facilities of the gas production plant, known as Campo El Difícil and located in the village of Pueblo Nuevo, were the site of a peaceful protest due to the lack of opportunities provided to workers in the municipality, whose labor has hardly been taken into account for the operation of the site. (…) This plant was closed for almost 20 years until 2015, when it was put into operation by the company Petróleos Sudamericanos, Petrosud.
Institutional
Source: La República
Date: February 10
Headline: Gasnova asks the Government for regulations for vehicular LPG.
One of the government's major bets is on energy transition, and one of its pillars, for example, is that families who cook with firewood switch to other options, such as LPG. Alejandro Martínez Villegas, president of the Colombian LPG Association (Gasnova), spoke about the sector's progress, although he calls for regulations for vehicles. (…) We do not understand the delay on the part of the Ministry of Mines and believe that Colombia deserves to have this new fuel option, as this is the most used alternative worldwide in the automotive sector compared to gasoline and diesel. (…) In terms of imports, we do not have the capacity to double the size of the market. Nowadays, we have sufficient port storage infrastructure to import up to 50,000 tons of LPG per month. Regarding exports, at this moment Ecopetrol is temporarily having some production surpluses, which would need to be discussed with them.
Colombian Association of Oil and Gas