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(Reuters) - Colombia's highest administrative court on Thursday ruled against a lawsuit looking to nullify rules that would allow fracking projects in the Andean country, effectively overturning a moratorium on the commercial development of non-conventional oil and gas deposits, it said in a statement. The Council of State in rejecting the suit said the rules... Continue Reading →
(Reuters) - The election of Colombia's first leftist president, Gustavo Petro, is indicative of widespread yearning for a more equal and inclusive society, analysts and business leaders said, but the former guerrilla will need to act fast to reassure investors. Petro, a 62-year-old former mayor of the capital Bogota and current senator, won some 50.4%... Continue Reading →
(Reuters) - Shareholders of Colombia's majority state-owned oil company Ecopetrol on Friday approved a plan to shore up the country's fuel-price stabilization fund (FEPC), as well as an extraordinary dividend for minority shareholders, a spokesperson said. Colombia's government, which owns 88.5% of the oil company, and Ecopetrol will cover the FEPC deficit with 14.1 trillion... Continue Reading →
(Reuters) - Colombia's leftist firebrand presidential candidate Gustavo Petro is too close in recent polls for the comfort of oil companies and miners who worry that his promised policies would imperil Colombia's economy and energy self-sufficiency, high-ranking industry figures and business associations said. Petro, currently a senator, told a rally last month that coal and... Continue Reading →
(Reuters) - EIG Global Energy Partners is in early discussions with Repsol (REP.MC) to buy a slice of the Spanish company's oil and gas exploration and production business, three sources with knowledge of the matter told Reuters. The U.S. fund is seeking to purchase up to 25% of Repsol's so-called upstream business, the sources said, in a... Continue Reading →
(Reuters) - Investigative fracking operations in Colombia can go ahead after a court in the Andean country's Santander province on Thursday reversed a lower court's decision to block two pilot projects. Commercial development of non-conventional energy deposits - such as by hydraulic fracturing, or fracking for hydrocarbons - is not currently permitted in Colombia, but... Continue Reading →
Colombian energy producer Ecopetrol ECO.CN aims to boost its oil and gas output by just over 40% to around 1 million barrels of oil equivalent per day (boepd) in 2030 and plans to start a pilot carbon capture storage (CCS) project, a senior company executive said. The projects are part of Ecopetrol's plan to ramp... Continue Reading →
(Reuters) - U.S. refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies. The United States in March banned imports of Russian crude and refined products over its invasion of... Continue Reading →
(Reuters) - Colombia's majority state-owned energy company, Ecopetrol (ECO.CN), on Wednesday announced an agreement to develop four offshore, deep-water blocks with a subsidiary of U.S. oil major Occidental (OXY.N). The four blocks are located in deep waters some 150 kilometers off Colombia's northern Caribbean coast, Ecopetrol said in a statement. Ecopetrol will take a 40% stake in... Continue Reading →
(Reuters) - Colombia will prioritize signing contracts for oil and gas blocks with companies making greater strides to cut carbon emissions, a government official said on Wednesday, adding the country needs to assign an average of 10 blocks a year to maintain fuel self-sufficiency. Colombia's oil and gas industry is a major source of income... Continue Reading →
Brazil Energy Insight 