Category

Investments in oil exploration and production represent about half of the annual plan total.

The Finance Ministry met with transport companies and stated that, if there is no increase in the price of diesel, this will add another $2.6 billion USD to the FEPC by the end of 2024.

"Frontera's ratings and outlook reflect its small and concentrated production profile and weak proved developed producing reserve life of 2.6 years as of year-end 2022," stated Fitch.

Frontera board chair Gabriel de Alba called the discovery another positive development for the company's "potentially transformational investments in Guyana."

The depressed climate has lowered expectations that the energy generation system will realize the new capacity required to meet demand in the "medium term," per the agency.

"Fitch expects CNE's volumes sold, as percentage of total gas production, under long-term take-or-pay contracts to reduce from 99% in 2023 to 50% in 2026."

The consortium is composed of the companies LTD Sucursal Colombia, Schrader Camargo S.A.S., and Yellow River CO.

The French firm cited "significant delays in granting the environmental permits and licenses by local entities."

Ecopetrol subsidiary Reficar has asserted that CB&I has entered into an internal restructuring to avoid honoring the debt a court ordered it to pay in June.

With this marking the second failed tender, many are concerned for the long-term gas supply in a region that lacks infrastructure and stability.