Here’s my piece [in Spanish] in Petroguía 2015, the oil-&-gas sector catalog for Latin America Note: Hemispheric integration (e.g., energy infrastructure) was endlessly promoted by Hugo Chavez. In the end, he built none. The region’s resources continue going mainly to develop other regions, such as China. Continue reading
Posted in Brazil, Chavez, China, Colombia, Ecopetrol, Gas globalization, Global Oil Market, Latin America, Latin America and Caribbean, LNG, PDVSA, Petrobras, The USA, Trade policy, Uncategorized
Tagged Beijing, Chavez, China, Energy, energy infrastructure, Heavy crude oil, Hemispheric integration, Hugo Chávez, Latin America, oil sector, PDVSA, Petróleos de Venezuela, South America, Venezuela
Javier Gutiérrez Presidente de Ecopetrol – La compañía tiene la meta de alcanzar el millón de barriles diarios de producción en 2015. Es claro que esa cifra está lejos de ser cumplida. (Dinero)
English Summary (Resumen en Inglés): I am quoted at length by Dinero (Publicaciones Semana, Bogotá) on the steep fall in value of the stocks of Colombia’s national oil company and largest corporation, Ecopetrol. This had been blamed on FARC and ELN guerrilla attacks on pipelines this year. However, while attacks are up versus 2013, they are significantly below the numbers in several prior years. Others blame the fall on a failure to expand reserves. Indeed, Ecopetrol has a very low exploration-drilling success rate. However, I stressed that discovery of new reserves is not so much the problem as is the need to begin employing enhanced oil production (EOP) methods to Ecopetrol’s existing fields. The percentage of oil Ecopetrol extracts is low. To get more oil out of existing reserves, Ecopetrol needs to learn how to do EOP. And, in certain formations, it has to learn how to drill much deeper. Here is the article …
DINERO | 8/21/2014: No solo violencia
La caída en la acción de Ecopetrol no se debe únicamente a los ataques guerrilleros. El principal problema de la compañía es operativo: no ha podido encontrar nuevas reservas.