En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Ecopetrol to invest in Latam light crude projects

 

 

BOGOTA
Petroleumworld 05 15 2017

Colombian state oil company Ecopetrol said on Friday it will focus its efforts over the next 18 months on purchasing light crude projects in other Latin American nations, taking advantage of nearly $6 billion in cash it held at the end of the first quarter.

Ecopetrol more than doubled its net income between January and March to 886 billion pesos ($300.4 million) versus the same period last year, bolstered by better crude prices and higher operating efficiencies, the company said.

"Our idea is to look for reserves of light crude outside Colombia," Ecopetrol Chief Executive Officer Juan Carlos Echeverry told investors during a conference call. "We're in no rush but it could be something that happens over the next 18 months."

The company has already met with banks that have shown available projects in the region, he said.

"We want purchases to generate a better balance in our crude portfolio," he said.

About 82 percent of Ecopetrol's production portfolio is concentrated in crude - mostly heavy - while the remaining 18 percent is gas.

The company closed the quarter with cash of 17.5 trillion pesos ($6 billion).

"The group maintains a strong cash position...which includes cash and cash equivalents of 8.2 trillion pesos, short-term investments of less than one year worth 7 trillion pesos and investments for more than one year of 2.3 trillion pesos," said Maria Fernanda Suarez, Ecopetrol's vice president of strategy and finance.

Even while Ecopetrol booked a profit, production fell 3.3 percent in the first quarter to 712,000 barrels of oil equivalent a day. The company attributed the decline to operational difficulties caused by attacks by the rebel group, the National Liberation Army (ELN), against the Cano Limon-Covenas pipeline.


Reporting by Nelson Bocanegra; Writing by Helen Murphy; Editing by Marguerita Choy from Reuters.

reuters.com May 12, 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 


May 24-25, La Jolla, California

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.