ACP as a source of information
Source: miningpress.com
Date: May 06
Headline: Fracking and pandemic: What is happening in Colombia
How much oil and gas is needed in a world in lockdown? How much fuel will countries that reactivate their economies but with restrictions of up to 35% in public transport capacity demand? It seems not much. (…) Last Wednesday, Felipe Bayón, president of Ecopetrol, told the Fifth Commission of the House of Representatives that the uncertainty for the sector is tremendously large and the fact that there is a considerable drop in demand for both gas and oil is concerning, which outlines a different market for Ecopetrol and for companies in the segment. (…) This is a statement echoed by Francisco Lloreda, president of the Colombian Petroleum Association (ACP), who recalled that the material will return to high prices and demand levels when the economy consolidates. This, added to the fact that the pilots, which already have the approval of the Council of State, are intended for an exploratory phase.
Source: tdicolombia.com.co
Date: May 06
Headline: Departmental government advances actions to prevent covid-19 in the hydrocarbons sector
The Secretary of Mines and Energy of Meta is holding various virtual coordination meetings with the mayors of the municipalities of Barranca de Upía and Cabuyaro, in order to adopt health measures in the movements of personnel in the hydrocarbons sector during their shift changes. “We are working with the National Hydrocarbons Agency (ANH), the Colombian Petroleum Association (ACP), and the operators Frontera Energy and ONGC VIDESH, to whom we are demanding that they provide their contractors and allies with the COVID-19 preventive measures protocols,” explained Arnulfo Cruz, head of the department. (…) He also emphasized that one of the requirements of the governor of Meta, Juan Guillermo Zuluaga, is the non-entry of personnel from other regions as a precaution against the virus.
GREMIO
Source: La República
Date: May 07
Headline: Avianca and Cemex, the stocks that fell the most in April
The spread of covid-19 has hit the global economy, as the measures implemented to reduce the rate of infections have decreased production and increased risk aversion among investors. (…) On the side of the stocks with the largest participation in the Colcap, Ecopetrol lost 36.95% of its price. The company was affected by the drop in oil prices, which were initially due to the decrease in demand, as China, the main consumer of the commodity, reduced its purchases by halting much of the country's operations to reduce the spread of covid-19. This was compounded by the mandatory isolation in other countries as the virus spread, which further reduced demand, and the war between Saudi Arabia and Russia, which, by increasing crude production, further pressured prices downward.
Source: El Heraldo
Date: May 07
Headline: Ecopetrol contributes 850 million to BAQatón
The collection from the solidarity campaign BAQatón amounts to more than $6 billion, which extends until tomorrow for receiving donations in money and in kind to help the most vulnerable population of Atlántico, medical personnel, and the Barranquilla Zoo. Among the main donations received by the campaign is the one made by Ecopetrol and its subsidiaries Hocol and Cenit, worth $850 million represented in food aid kits. “We join the BAQatón convinced that it is time to unite efforts and work as a team to meet the needs of the communities. These are difficult times that have no precedent and call us to be supportive and comply with all self-care and isolation guidelines to overcome this emergency,” said Felipe Bayón, president of Ecopetrol.
Source: Vanguardia Liberal
Date: May 07
Headline: Ecopetrol prepares to restart operations in 3 municipalities
In addition to the actions in Barrancabermeja, operations in Puerto Wilches, Yondó, and Cantagallo are one step away from starting again. There has already been contact with the mayors, and the protocols are in place. The processes for reactivating the oil industry are beginning to have a scent of optimism, not only for the Barrancabermeja area but also for other nearby municipalities, where guidelines are already being drawn up to restart operations. The most recent meetings between representatives of Ecopetrol, the District, and neighboring localities have allowed significant progress regarding the action plan and biosecurity protocols, which, according to official sources, include the preliminary activities for executing the work to be done in the operational areas of Magdalena Medio.
Source: La Opinión
Date: May 07
Headline: New attacks on two oil pipelines
Ecopetrol reported that the Caño Limón-Coveñas and Bicentenario pipelines, two of the most important in the country, were the subject of seven attacks, prompting the activation of a contingency plan to address the emergency. With these attacks, the oil company has suffered 25 attacks in 2020.
Source: El Pilón
Date: May 07
Headline: The State is irreplaceable. By Luis Napoleón de Armas P
The pandemic has shown that the State will never be replaced by wild capitalism with its “invisible hand of the market.” Of course, the invisible does not exist, at least until proven otherwise. (…) We have not seen social sensitivity from large entrepreneurs regarding the problem that afflicts us; in the donation campaign promoted by Claudia López, the largest contribution was made by Ecopetrol, a mixed company but with a state majority. In all the countries of the world where the coronavirus has arrived, it is not the private sector that has stepped up despite the fact that the trickle-down theory collapsed a long time ago.
Source: prensalibrecasanare.com
Date: May 07
Headline: Mass resignation of doctors from the Aguazul Hospital
The Juan Hernando Urrego Hospital in the municipality of Aguazul was left without medical personnel after 8 of its 10 doctors submitted their resignation letters with a copy to the Mayor's Office, due to the lack of labor guarantees and the absence of protective equipment to face the Covid-19 pandemic. The doctors' decision comes amid a health and social emergency, a situation that raises concerns about the repercussions on the health of the inhabitants of the rice capital. (…) The doctors stated that they also did not have personal protective equipment, only a few donated by Ecopetrol that were not the right sizes for the doctors, and others were damaged, said Dr. Velandia.
Source: llanosietedias.com
Date: May 07
Headline: Unemployment crisis in the oil sector
It is public knowledge that the Meta department is the largest crude oil producer in the country, which makes it more susceptible to the crisis situation that the oil industry is experiencing, and one of the aspects that has been most affected is the labor supply. Unemployment in this area has increased, according to a study by the NGO Crudo Transparente. (…) That said, Meta is the department that presents the highest unemployment growth rate compared to other territories, even though it recorded a production of 444,680 BPDC in 2019, according to data from the ANH. In Meta, oil companies such as: Ecopetrol, Frontera Energy Colombia, Ongc Videsh Limited, New Granada Energy Corporation, Tecpetrol Colombia SAS, Hupecol, and Iberoamericana de Hidrocarburos CQ Exploración y Producción are present.
Source: emisoraatlantico.com.co
Date: May 07
Headline: Ecopetrol Group joins the Baqatón
Ecopetrol and its subsidiaries Hocol and Cenit contributed $850 million to the Baqatón in Barranquilla, a contribution that will be represented in 8,500 food aid packages for families in vulnerable conditions. Employees from several companies have also joined and collectively donated from their salaries to the BAQatón. Among these, we find workers from the following companies: SuServicio with a donation of $4,062,272, Chapman y Asociados whose amount reached $9,350,000, and Prime Energia who raised $20 million.
Topics
Source: La República
Date: May 07
Headline: The dollar strengthens due to doubts about how the economy will open
On Wednesday, the dollar reached an average price of $3,961.61, which represented an increase of $35.54 against the Representative Market Rate (TRM), which stood at $3,926.07. (…) Regarding oil prices, at 2:20 p.m., declines were recorded in the price of crude oil barrels. WTI lost 1.67% and fell to US$24.15, while Brent decreased 3.45% to US$29.90. The drop in prices could be attributed to Iraq possibly having difficulties implementing the OPEC cut agreement.
Source: La República
Date: May 07
Headline: Sudden stops. By: Armando J. Armenta
I perceive a lot of confusion about the role that international reserves and the recently approved flexible credit line from the International Monetary Fund (IMF) could play in responding to the economic crisis caused by the pandemic and the drop in oil prices. These resources should not be used to directly finance the State's spending needs, because they are a last line of defense against imbalances in external financing.
Source: La República
Date: May 07
Headline: Oil prices closed lower after five days in the green
At the close of yesterday's session, the oil market left behind the positive streak it recorded over the last five days. Both benchmarks closed in red, with WTI plummeting 0.50% to US$24.16 and Brent falling 1.10% to US$29.89 per barrel, according to Bloomberg data at 3:15 p.m. These declines occurred after the Energy Information Administration (EIA) revealed that «crude inventories increased by 4.9 million barrels in the week of May 1, reaching 532.2 million barrels,» Reuters reported.
Source: Portafolio
Date: May 07
Headline: Debt would reach 63% of GDP this year: Government
To the two shocks that the national economy is facing, pandemic and low oil prices, is added the uncertainty that still exists regarding their prolongation, which has caused estimates for the national economy to be adjusted. At the beginning of February, the Ministry of Finance presented the Financial Plan revealing the expectations that the Government had at that time, prior to the shocks, for this year.
Source: El Colombiano
Date: May 07
Headline: Revenue from the gas sector has decreased by 38%
The data was provided by Orlando Cabrales, president of Naturgas, during an intervention before the Fifth Commission of the House of Representatives. The low demand for the fuel has also generated, according to Cabrales himself, the failure of “important negotiations” that have led to a 70 contraction of the sector since December.
Source: Caracol Radio
Date: May 06
Institutional
Source: El Colombiano
Date: May 07
Headline: The Pacific regasification plant will be tendered in 2020
The import is scheduled to start in 2024. It can store 170,000 cubic meters and process 400 million cubic feet daily. The coronavirus has changed many things, but the tender for the Pacific Regasification Plant is not one of them. Its process will continue so that the start of imports takes place in 2024. (…) The Minister of Mines and Energy, María Fernanda Suárez, stated that “during May the definitive gas supply plan will be released and the tender for the Regasification Plant will be issued, which will take place during 2020 and should begin construction later, and for now, we do not anticipate that the coronavirus will have an effect, since its construction is not immediate, but subsequent.” Why is it important? The National Hydrocarbons Agency (ANH) said that the reserves of this fuel decreased from 9.8 years to 8 years; and everything produced by the country is consumed internally and there is a percentage of what is produced that is injected into the fields for operation.
Source: Diario del Huila
Date: May 06
Headline: Fuel sales have decreased by 80%: Luzmila Moyano Vargas
The service station sector that distributes fuels in the country is calling on the government for urgent aid that allows entrepreneurs to avoid the impending bankruptcy as a result of the sharp reduction in gasoline prices, by 1,200 pesos per gallon since March 16, but also due to a drastic drop in sales. (…) In a letter dated March 26 and sent to President Iván Duque and Minister of Mines and Energy, María Fernanda Suárez, the president of Fedispetrol, Álvaro Younes, urged the government to adopt four actions to mitigate the situation of small and medium-sized entrepreneurs dedicated to this activity, and that of their families, which has worsened in recent days.
Source: hablemosdemineria.com
Date: May 06
Headline: Hocol finds gas near Barranquilla
Hocol S.A., a subsidiary of Ecopetrol, reported this Tuesday the discovery of gas 30 kilometers from Barranquilla, in an area close to the Bullerengue 1 discovery. According to the company, the records and information taken during drilling indicate that the Bullerengue 3 well “found sands with natural gas in several intervals of a reservoir shallower than that of the drilled structure.” (…) Hocol S.A. has a 50% stake in the SSJN1 contract and leads geological and geophysical activities. For its part, Lewis Energy Colombia Inc. is the operator of the area, has a 50% stake, and leads drilling, completion, testing, and production activities. According to the Ministry of Mines and Energy, based on a preliminary report from the National Hydrocarbons Agency (ANH), proven gas reserves in the country fell by 16.7%, from 3,782 billion cubic feet in 2018 to 3,149 billion cubic feet in 2019. This indicates that Colombia has reserves for eight years, down from nearly 10 years.
Source: confidencialcolombia.com
Date: May 06
Headline: Request for disciplinary investigation of the Minister of Mines and Energy
The Racial Justice Collective (justiciar) requested the Attorney General's Office to open a disciplinary investigation against the Minister of Mines and Energy María Fernanda Suarez and the president of the National Hydrocarbons Agency José Armando Zamora, for possible violations of the individual and collective rights of the black and Afro-Colombian population of the Nariño Pacific coast, by delaying the signing of the Resolution that would allow the supply of fuel from Tumaco to 29 of the 64 municipalities in the department. (…) The Collective has repeatedly requested compliance with the Resolution issued by the Ministry of Mines in December 2017; however, it is worth noting that 71 legal actions and 262 appeals prevented it from coming into effect.
Colombian Association of Oil and Gas