ACP as a source of information
Source: Portafolio – National
Date: September 25
Headline: The oil companies are ready to invest US$715 million
With the end of mandatory preventive isolation at the national level, the oil and gas industry hit the accelerator to become a key piece of the country's economic reactivation. (…) “Private oil companies in Colombia are ready to invest around US$715 million in 2020 as part of the resources that will be fundamental for the reactivation process,” said Francisco José Lloreda Mera, Executive President of the Colombian Petroleum Association (ACP). (…) In the first two years of the Government, the country's oil sector highlights the reactivation process of the industry, in which the regulatory actions of the National Hydrocarbons Agency (ANH) stand out, which allowed the reactivation of the allocation of new areas and the signing of contracts; (…) “This situation posed challenges if precedents. In the second quarter, we increased our investment program for 2020 to between US$65 million and U$75 million, with which we expect to close with an average production close to 40,000 barrels per day (bpd),” said Marcela Vaca, General Director of GeoPark. It was replicated in: portafolio.co (September 24).
Source: Radio Panamericana – Regional
Date: September 24
GREMIO
Source: El Espectador
Date: September 25
Headline: This is how companies will be saved
The Government assures that it did not prohibit buying stakes in companies to save them, but that the subsequent divestment cannot be “agile.” Does the ruling impact credit to Avianca? With the Constitutional Court's decision to overturn Decree 811 of 2020, a series of questions arose about what the alternatives will be to save companies facing financial difficulties due to the crisis unleashed by the pandemic. The regulation in question established mechanisms for the State to buy and sell shares in companies, within the framework of the emergency, according to the Government, with the aim of helping to mitigate the economic effects produced by the situation in organizations. In summary and in the words of the Ministry of Finance: a “temporary rescue.” (…) For the authors of the project, the concern is about companies like ISA, Coltel, Ecopetrol, and its profitable subsidiary Cenit, among others. Former Minister Juan Camilo Restrepo also expressed that the current decision “complicates” the privatization of public assets, but he also mentioned the disbursement of credit by the Government that Avianca is seeking in its reorganization process, for an amount of US$370 million.
Source: El Nuevo Siglo
Date: September 25
Headline: Reason
Senator Jaime Durán from the Liberal Party tweeted that the “Constitutional Court gives us reason to Senators Luis Fernando Velasco and Maritza Martínez by overturning the decree that allowed the Government to sell shares of companies like Ecopetrol, ISA, and Cenit. Excellent news in defense of the heritage of Colombians.”.
Source: Vanguardia Liberal
Date: September 25
Headline: Court overturns decree that allowed saving companies
Among the conditions set by the presidential mandate was that when the Nation received minority shares, it could require its shareholders to buy their participation within a specified timeframe. With decree 811 of 2020, the National Government could help companies at risk of insolvency during the State of Emergency declared due to the COVID-19 pandemic. But, additionally, the State could later sell them, that is, resell them. (…) Who tweeted? Luis Fernando Velasco Cha… @CConstitucional overturns decree 811 that opened the doors to the sale of Cénit and thus continue with the privatization of @ECOPETFOL_SA, their arguments coincide with those I presented before the high court @usofrenteobrero @cutcolombia, @fabioariascut @NoticieroSenado.
Source: Vanguardia Liberal
Date: September 25
After four years, Ecopetrol began the Campos Round in which it will auction nine development and production assets. The measure is taken in order to boost reactivation and energize the sector that has faced difficult moments due to the economic crisis caused by the pandemic and the slowdown in oil prices. (…) “This round will allow other companies in the sector to access assets with development and reserve production possibilities, whose investments will generate more jobs and contribute to the reactivation of the sector and the economy of the regions and the country. That is why we invite the industry in general to actively participate in this process,” said Felipe Bayón Pardo, president of Ecopetrol.
Source: rcnradio.com
Date: September 25
Headline: Ecopetrol activates contingency plan in Catatumbo due to oil spill
The company Cenit, a transportation subsidiary of the Ecopetrol Group, confirms the execution of a contingency plan due to the presence of hydrocarbons in the Tibucito River, jurisdiction of the Miramonte village in the municipality of Tibú. The National Army is already in the area to secure the sector and ensure the entry of technical personnel who will evaluate the causes of the event and address the emergency. So far, it is unknown whether it is the installation of a clandestine valve or an attack on a section of the Caño Limón Coveñas pipeline. Ecopetrol executives indicated through a statement that as soon as they became aware of the event, the Company activated a protection point at the intake of the Tibú municipality aqueduct.
Topics
Source: La República
Date: September 25
Headline: European market does not recover, but Wall Street saves gains
European stocks closed lower on Thursday, led by British markets after the UK government launched a reduced employment support program, while a second wave of COVID-19 cases on the continent worsened investor confidence. The pan-European Stoxx 600 fell 1%, closing at its lowest level since August 3. The retail, oil and gas, and financial services sectors led the declines. (…) Oil prices remained stable as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, countering a drop in crude and fuel inventories in the United States.
Source: Portafolio
Date: September 25
Headline: ‘Promigas, ready to consolidate a robust gas network’
Promigas has consolidated itself as the energy backbone of the country. Tell me a little about the relevance of the company in Colombia. Promigas has an investment portfolio made up of more than 20 companies, dedicated to the transportation and distribution of natural gas, as well as LNG (Liquefied Natural Gas) with a significant participation in SPEC LNG, the only regasification terminal in Colombia, located in Cartagena and a guarantee of reliability for electricity generation in the country. (…) Promigas is ready to consolidate the robust network in the transportation and distribution of gas in the country. If we manage to materialize the 30 Teras of ‘offshore’ gas, in addition to the 24 teras of gas from unconventional deposits located in Córdoba and Cesar, it would total 54 Teras of gas, which is very positive. It is crucial, then, to give ourselves the opportunity as a country to conduct the necessary pilot tests for the exploitation of these unconventional deposits, preserving the environment and the health of Colombians.
Institutions
Source: El Nuevo Siglo
Date: September 25
Headline: The bet of Ecopetrol
The hydrocarbon industry, as reiterated in yesterday's editorial, is going through one of its most complicated moments, not only because the global economy continues to struggle to recover after the severe recession caused by the pandemic, but also because analysts believe that the demand for fossil fuel will begin to decline rapidly starting this year, largely because many countries have begun to strengthen their clean energy production matrix, especially from wind or solar sources, among others. (…) It is also interesting that the process will be carried out through an electronic auction, with the upward bidding methodology, where companies that meet the current accreditation requirements of the National Hydrocarbons Agency (ANH) for this type of assets can participate. The auction will take place in the last quarter of this year.
Source: vanguardia.com
Date: September 25
After four years, Ecopetrol has initiated the Campos Round in which it will auction nine development and production assets. This measure is taken in order to stimulate reactivation and energize the sector that has gone through difficult times due to the economic crisis caused by the pandemic and the slowdown in oil prices. Three of the nine wells are located in the Middle Magdalena Valley basin (Tenerife, San Luis, and Lebrija); another three in the Upper Valley (Toy, Totare, and Andalucía) and the remaining ones in the Llanos basin (Upía, La Punta, and Rancho Hermoso). (…) The process will be carried out through an electronic auction, with the upward bidding methodology, where companies that meet the current accreditation requirements of the ANH for this type of assets can participate. According to the planned schedule, this auction will take place between October and December.
Colombian Association of Oil and Gas