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Ecopetrol Appoints Jaime Caballero Uribe as Chief Financial Officer
Within this role, Caballero will be the compliance agent for financial reporting to the Colombian Finance Superintendency.
Posted On August 16, 2018
Commodities
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Benefitting from High Oil Prices, Ecopetrol Reports Significant Increases in Earnings and Revenue in First Half of 2018
Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.
Posted On August 16, 2018
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Ecopetrol Begins Commercial Production at Infantas Oriente Oilfield
Ecopetrol plans to drill 20 wells as it begins to develop the field this year and another 47 wells in 2019.
Posted On June 26, 2018
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Interview: Colombian Mining Sector Is ‘Under-Explored’ – A Clear Advantage over the Long Term
"There are plenty of targets in Colombia that have never really seen modern exploration," says Lobo Tiggre. "That is clearly an advantage."
Posted On June 25, 2018
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GoldMining Inc. Begins Being Listed on Toronto Stock Exchange
The Vancouver-based mining company's common shares and purchase warrants were previously trading on the TSX Venture Exchange.
Posted On June 21, 2018
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Ecopetrol to Pay Off $156 Million USD in Loans Early
The loans date back to 2013 and were issued with a payment schedule that would end in 2023.
Posted On June 20, 2018
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Colombia Produced 865,987 Barrels of Oil per Day in May
This represents a 1.6% increase over the production in May 2017 and a 0.1% increase from last month.
Posted On June 14, 2018
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Frontera Energy to Split Stock for Shareholders as of June 26
Canadian oil company Frontera Energy Corporation will split its stock this year, issues a two-for-one share split on June 26.
Posted On June 12, 2018
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Colombia Named Guest of Honor Nation at 2018 World Barista Championship in Amsterdam
The barista competition and World of Coffee trade show will take place from June 21-23 in the Netherlands.
Posted On June 5, 2018
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Expectations for Colombian Coffee Production This Year Lowered to 14.2 Million Bags Amid Heavy Rains
Despite the annual production setback, the macro story for Colombian coffee production remains positive. “In the last decade, yields have increased nearly 30%."
Posted On May 30, 2018
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Frontera Energy Closes on New $100 Million USD Credit Facility
Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."
Posted On May 22, 2018
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Frontera Energy Sees Year-Over-Year Production and Sales Declines in First Quarter
Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.
Posted On May 15, 2018
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Ecopetrol Starts Construction on 55-Kilometer Caldas Pipeline in Central Colombia
The 55-kilometer pipeline, with an 8-inch diameter, will span the distance from the town of Chinchiná in Caldas to Pereira.
Posted On May 11, 2018
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Ecopetrol Reports Income of $923 Million USD in First Quarter of 2018
Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.
Posted On May 6, 2018
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Goldmining Inc. Appoints Ken Wang to Board of Directors
“His depth of experience and extensive network...will be valuable as we continue to execute our business plan."
Posted On May 5, 2018
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Colombian Mining Association Head Says Sector Could Welcome $7 Billion USD in Foreign Investment in Next Four Years
Santiago Ángel expressed his optimism for a turnaround in a sector that brought in a relatively underwhelming $2.6 billion USD over the last four years.
Posted On May 3, 2018
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Mining Formalization in Colombia: Multinationals, Informal Miners ‘Have to Live Together,’ says Dora Elena Balvín, Antioquia Secretary of Mines
"There must be space for both the big mining companies and the small artisanal miners," says Dora Elena Balvín, secretary of mines in Antioquia.
Posted On April 30, 2018
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Colombian Oil Production Rose 6.5% in March to 856,478 Barrels per Day
Production was also up 4.1% over February of this year due to the reopening of several oilfields.
Posted On April 22, 2018
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Promigas CFO Aquiles Mercado González Discusses Construction of $224 Million Pipeline, Promioriente Bond
"It was difficult to determine what the risk was given the nature of the project we were trying to finance — a pipeline in the mountains," said Aquiles Mercado González.
Posted On April 22, 2018
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Ecopetrol Pays Annual Dividend Totaling More Than $150 Million USD to Minority Shareholders
The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).
Posted On April 20, 2018
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Interview: Continental Gold CEO Ari Sussman Says ‘There Is a lot More Gold to Find’ in Colombia
"Our current reserves and resources are just a tip of the iceberg of what's to come," says Ari Sussman, CEO of Continental Gold
Posted On April 3, 2018
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Major Oil Spill in Colombia from Ecopetrol Well Has Been Contained, Says Company
The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.
Posted On March 31, 2018
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Mario Garnero Retires from GoldMining Inc. Board of Directors
Garnero will remain involved with the company in an advisory capacity and his son, Mario Bernardo Garnero, will fill his seat on the board.
Posted On March 29, 2018
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Ecopetrol Appoints Board of Directors at Shareholder Meeting
At a shareholder meeting today, Ecopetrol appointed its board of directors and external auditor for 2018.
Posted On March 23, 2018
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Ecopetrol Strikes Oil at Lorito-1 Well in Department of Meta
The well is 55% owned by Ecopetrol with the remaining 45% stake held by Repsol subsidiary Talisman Colombia Oil & Gas Ltd.
Posted On March 14, 2018
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PentaNova Energy Subsidiary Granted Operatorship of Maria Conchita Gas Block in Colombia
MKMS Enerji Anonim Sirketi is a fully owned subsidiary of Canadian oil and gas company PentaNova Energy.
Posted On March 6, 2018
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Ecopetrol Adds 2,800 Barrels Per Day to Oil Production with Three New Wells
The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.
Posted On March 5, 2018
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PentaNova Energy Begins Drilling Gas Well in Maria Conchita Block in Colombia
PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block.
Posted On March 2, 2018
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With Profits of Some $2.3 Billion USD in 2017, Ecopetrol Posts Best Results in Four Years
The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.
Posted On February 28, 2018
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Ecopetrol Extends Reserve Life to 7.1 Years with 3.7% Increase of Proven Reserves in 2017
Ecopetrol claimed proven reserves of 1.659 billion barrels of oil equivalent at the end of 2017, up from the 1.598 billion barrels in 2016.
Posted On February 23, 2018
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Major Shakeup: PentaNova Energy Appoints New President, CEO, and Chairman in Sweeping Management Overhaul
PentaNova will issue 4.8 million common shares to the new management team “as the inducement to join the company.”
Posted On February 20, 2018
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Camilo McAllister Resigns as CFO of Frontera Energy Corporation
McAllister will remain in the position through March 9. Alejandro Piñeros will fulfill CFO responsibilities until a permanent replacement is appointed
Posted On February 19, 2018
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Frontera Energy Suspends Operations at Cubiro Oil Field in Colombia After Local Violence, Threats
Frontera Energy this week suspended operations at a site in Casanare in response to violence, intimidation, and threats.
Posted On February 9, 2018
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Frontera Energy Hit 71,015 Barrels of Oil Equivalent Per Day to Close 2017, Averaged 64,445 Per Day in Fourth Quarter
Frontera Energy plans to drill between 40 to 50 wells in the first quarter of 2018.
Posted On January 22, 2018
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Gran Colombia Gold Increased Production by 16% in 2017 to 173,821 Ounces of Gold
The growth was aided by a good fourth quarter that saw production rise 26% compared to the fourth quarter of 2016.
Posted On January 17, 2018
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Colombia Produced 854,121 Barrels of Oil Per Day in 2017, a 3.4% Drop from 2016
Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.
Posted On January 16, 2018
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Coffee Prices End 2017 at 21-Month Low, with Colombian Milds Down 1.7%
The ICO estimates production in Colombia to decrease by 4.3%, to 14 million bags, this crop year.
Posted On January 14, 2018
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ELN Guerrillas Allegedly Kidnap Ecopetrol Contractor in Arauca
The abduction reportedly occurred around 7:30 am on the day that the UN head arrived in Colombia to discuss the nation’s peace process.
Posted On January 14, 2018
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Peace Talks with ELN at Risk After Multiple Attacks on Oil Pipeline in Colombia
President Santos recalled the nation's peace negotiator from Ecuador and told the military to "act with force and respond to this ELN aggression."
Posted On January 10, 2018
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Colombia Strengthens Commitment to Fight Amazon Deforestation in Partnership with WEF Tropical Forest Alliance 2020
Colombia has joined the World Economic Forum alliance to protect the Amazon from deforestation.
Posted On January 8, 2018
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Bezant Resources Finalizes Gold and Platinum Licenses in Western Colombia
With a final $200,000 USD payment, Bezant now holds an alluvial platinum license (FKJ-083) and gold license (HCA-082) in 2,659-hectare area of Chocó.
Posted On January 5, 2018
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Frontera Energy Completes Reorganization of Colombian Operations and Projects Higher Production Figures
The Canadian oil company's operations in the country are now held by the Colombian branch of Meta Petroleum Corporation, a wholly owned subsidiary.
Posted On December 24, 2017
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Frontera Energy Adds Richard Herbert to Board and Promotes Three New Vice Presidents
Herbert has worked for BP, Philips Petroleum, and Talisman Energy and has experience working in the oil sector in Colombia.
Posted On December 21, 2017
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Continental Gold Exceeds Gold Estimates in Latest Trial Mining Test at Buriticá
With 8.60 grams of gold per tonne, the test "yielded significantly more ounces of precious metals than we estimated," said CEO Ari Sussman.
Posted On December 19, 2017
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Ecopetrol Strikes Oil in Santander at Coyote-1 Well
Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.
Posted On December 19, 2017
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Ecopetrol Plans to Ramp Up Exploration and Production in 2018 by Investing up to $4 Billion USD
The exploration plan calls for drilling at least 620 development wells and 12 exploration wells, an increase of around 140 wells over 2017.
Posted On November 27, 2017
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Crucial Court Ruling Could Lead to Higher Taxes for Mining and Oil Firms in Colombia
Colombia’s National Oil Association argues that the court’s ruling does not touch a critical article of Colombia’s tax code, Article 107.
Posted On November 11, 2017
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Colombia Announces First Renewable Energy Auction – Infusing Optimism into a Lagging Sector with Potential
The coming years could be crucial for renewables. If current conditions persist, Colombia could continue to lag behind.
Posted On November 11, 2017
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Ongoing Recovery: Fitch Ratings Upgrades Frontera Energy’s Rating from B to B+
"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.
Posted On November 5, 2017
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Eco Oro Minerals’ Plan of Arrangement Enters into Effect
Canadian mining company Eco Oro Minerals Corp. announced that its plan of arrangement has become effective.
Posted On October 31, 2017
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Frontera Energy Sells Interest in Petroelectrica de los Llanos for $56 Million USD
Eléctricas de Medellín – Ingeniería y S.A.S is the buyer in a cash deal for what Frontera Energy called a “non-core asset.”
Posted On October 28, 2017
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Ecopetrol to Establish Energy Marketing Company
Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."
Posted On October 24, 2017
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Ecopetrol and Petronas Sign Agreement to Jointly Pursue Oil and Gas Projects in the Americas
The two state oil companies have already partnered to look for resources off the coast of Mexico.
Posted On October 24, 2017
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Exploration Projects in Colombia Face Increasing Uncertainty as Another Town Votes Against Mining
“We cannot afford to lose this industry...I think we can save this marriage," said Orlando Velandia, president of the ANH.
Posted On October 22, 2017
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Frontera Energy to Fully Acquire Pacific Midstream by Buying Up Outstanding Shares for $225 Million USD
The Frontera chairman called the move a “very strategic acquisition” that will support the firm’s push to reduce transportation costs.
Posted On October 16, 2017
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Ecopetrol Awarded Patent in Colombia for Crude-Related Technology Innovation
Researchers were able to find the “optimal operating parameters” and the rate of air injection that simulate the emulsions recorded at industrial level.
Posted On October 11, 2017
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Ecopetrol Signs Contracts to Formalize Exploration Bids in Mexican Waters
"We are very pleased with the arrival in Mexico, a new milestone in the history of Ecopetrol," said company president Felipe Bayón Pardo.
Posted On October 3, 2017
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Caño Limon-Coveñas Pipeline in Colombia Suffers 46th Attack of the Year
Ecopetrol said that it “rejects these illegal actions” that endanger people, damage the environment, and harm neighboring communities.
Posted On September 29, 2017
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Continental Gold Discovers Vertical Extension of Deposit at Buriticá Mine in Antioquia
“Accelerating the drilling program only makes sense given the upside,” said Ari Sussman, CEO of Continental Gold.
Posted On September 19, 2017
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Interview: Paul Harris of Colombia Gold Symposium Breaks Down Recent Developments in Colombian Mining Sector
"Colombia can’t really afford to turn its nose up at the wealth of resources it has at its disposal," says Paul Harris.
Posted On September 17, 2017
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Exporting Green Gold: The Colossal U.S. Market Is Now Officially Open to Colombian Avocado Growers
New rules governing the importation of Hass avocados from Colombia into the United States took effect yesterday, marking a new era for Colombian growers. Now, avocado farmers in the country can officially apply for permits from the U.S. Department of Agriculture that would allow...
Posted On September 15, 2017
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Eco Oro Minerals Secures $4 Million USD Loan to Fund Revised Settlement to End Shareholder Litigation
The alterations are being made to an agreement originally announced on August 1.
Posted On September 13, 2017
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Colombian Coffee Production Up 9% in August
The National Federation of Coffee Growers of Colombia cited good weather conditions for the higher yield.
Posted On September 4, 2017
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Attack on Caño Limón-Coveñas Pipeline Disrupts Ecopetrol Operations, Spills Oil in Local Gorges
"Ecopetrol emphatically rejects these illegal actions," said the oil company.
Posted On August 29, 2017
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Ecopetrol to Liquidate Two European Subsidiaries in Spain and Germany
The company said that its Spanish subsidiary “is currently inactive and is no longer needed by the business group.”
Posted On August 28, 2017
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Ecopetrol Formalizes the Creation of Mexican Subsidiary ECP Hidrocarburos México
After receiving approval from Mexican authorities, Ecopetrol has formally launched ECP Hidrocarburos México S.A. de C.V.
Posted On August 22, 2017
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Juan Carlos Echeverry Steps Down as Ecopetrol President, Will Be Replaced by Felipe Bayón Pardo
Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.
Posted On August 17, 2017
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Eco Oro Names CFO Paul Robertson as Interim CEO
Robertson, the current chief financial officer of Eco Oro, is filling a void left by the recent resignation of Mark Moseley-Williams.
Posted On August 3, 2017
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Eco Oro Settles With Shareholders to End Internal Litigation and Plans to Move Forward with Arbitration Claim Against Colombia
“The agreement unites the shareholders of Eco Oro in pursuit of its arbitration claim against the Republic of Colombia,” said Eco Oro.
Posted On August 2, 2017
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Six Killed by Mine Explosion in Central Colombia
How the explosion occurred after the personnel entered the mine remains unclear, but one member of the crew managed to survive a blast.
Posted On July 31, 2017
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Ecopetrol Verifies Deepwater Oil Discovery at Warrior-2 Well in Gulf of Mexico
Ecopetrol owns a 30% stake in the Anadarko-operated Warrior-2 well. The exact volume of the discovery is still under evaluation.
Posted On July 28, 2017
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Continental Gold Begins Drilling at Buriticá Goldmine in Colombia for First Time in More Than Two Years
Three rigs are now operating in this 15,000-meter exploration campaign, and two more are planned to join the effort later this year.
Posted On July 27, 2017
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Eco Oro President and CEO Mark Moseley-Williams Resigns
Anna Stylianides, executive chairman of the company’s board, will serve as interim president and interim CEO, said Eco Oro in a statement.
Posted On July 26, 2017
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Ongoing Attacks Have Paralyzed Colombia’s Caño Limón-Coveñas Oil Pipeline Since May 30
Repairs have not been completed due to “continued harassment by firing helicopters” and “anti-personnel mines,” said Ecopetrol.
Posted On July 25, 2017
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Ecopetrol to Award more than $125,000 USD in Innovation and Entrepreneurship Prizes
The five top winners of the Ecopetrol Awards may receive more than $8,000 USD, and another 12 winners will walk away with $2,000 USD or more.
Posted On July 20, 2017
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Ecopetrol Forms New Subsidiary in Mexico with Eyes on Exploration
The new Ecopetrol subsidiary will be responsible for the subscription and execution of the petroleum contracts that the company has in Mexico.
Posted On July 13, 2017
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Starbucks Partners with NGOs to Invest Nearly $5 Million USD in Colombian Coffee Industry
Starbucks has partnered with the Inter-American Developmental Bank on a $4 million USD loan program for 2,000 small-scale framers, most of whom will be women.
Posted On July 13, 2017
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Ecopetrol Pays Off $1.9 Billion USD Loan Nearly Three Years Early
The early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.
Posted On June 30, 2017
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After Locals Citizens Vote Against Open-Pit Mine, What Does the Future Hold for AngloGold Ashanti’s La Colosa Gold Mine in Colombia?
To add some clarity to the headline-making dispute, Finance Colombia Executive Editor Loren Moss recently sat down to talk with Colombian mining expert Paul Harris. In addition to being the organizer of the Colombia Gold Symposium, editor of the Colombia Gold Blog, and publisher...
Posted On June 27, 2017
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Ecopetrol Output Down 9,500 Barrels per Day Amid Blockades and Disruptions at Rubiales Oilfield
Ecopetrol said members of the Alto Unuma indigenous community have “taken by force” an onsite water disposal plant at Rubiales oilfield.
Posted On June 27, 2017
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Moody’s Affirms Baa3 Credit Rating and Negative Outlook for Ecopetrol
Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.
Posted On June 25, 2017
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Coal Mine Explosion Kills 13 People in Colombia
Five people remain unaccounted for after more than 12 hours of rescue efforts and emergency response, said UNGRD.
Posted On June 24, 2017
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Ecopetrol Wins Two Shallow-Water Blocks in Mexican Auction
Ecopetrol is partnering with Pemex on one block and the Mexican subsidiary of Malaysian oil company Petronas on the other concession.
Posted On June 23, 2017
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Ecopetrol to Drill Two Exploratory Wells, Lorito-1 and Trogón-1, in Colombian Department of Meta
Both prospects are within the company's CPO-9 block and part of a contract between Ecopetrol and Repsol subsidiary Talisman.
Posted On June 16, 2017
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Continental Gold Adds Newmont Mining Executive to Board of Directors
The new director is an executive at Newmont Mining Corporation, which acquired a board seat following a recent $109 million USD investment in Continental Gold.
Posted On June 12, 2017
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Pacific Exploration Changes Name to Frontera Energy Corporation
From Pacific Rubiales to Pacific Exploration to Frontera Energy: Canadian oil company undergoes second rebrand in the past 22 months.
Posted On June 12, 2017
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Colombian Petroleum Institute to Invest $3.5 Million USD in Research Labs and Upgrades
As it celebrates its 32nd anniversary this weekend, the institute announced plans for a new cement laboratory and upgrades at its rock mechanics lab.
Posted On June 10, 2017
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Bioenergy to Begin Selling Ethanol to Terpel in First Commercial Deal
Colombian energy company Bioenergy has signed its first commercial deal to begin selling ethanol from its plant in Meta to Bogotá-based oil and gas leader Terpel.
Posted On June 5, 2017
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Pacific Exploration Approves Six Directors at Annual Shareholder Meeting
All six of the directors nominees were approved with an average affirmative vote of 98%.
Posted On June 2, 2017
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Ecopetrol Takes Over Operation of Recetor Oilfield, Adds 4,500 Barrels per Day of Production
Ecopetrol took over operation of the Recetor oilfield in Colombia this week after the expiration of its contract with Equión Energía.
Posted On May 31, 2017
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Ecopetrol Calls on Public Authorities to Help End Disruption Threatening Water Supply in Santander
On top of the environmental and health risks, Ecopetrol said that 617 wells are out of commission and oil output is down by more than 20,000 barrels per day.
Posted On May 23, 2017
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Road to Recovery? Pacific Exploration Increases Output and Revenue Over Fourth Quarter of 2016
Pacific Exploration is showing signs of recovery, but it still has a long way to go to get back to its performance levels in earlier years.
Posted On May 18, 2017
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Blockades and Violent Protests Disrupt Ecopetrol Operations in Santander and Meta
Today's blockades in Santander have led to the loss of oil production while demonstrations in Meta earlier this week became violent.
Posted On May 18, 2017
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Ecopetrol Approves New Members for Internal Committees
Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.
Posted On May 15, 2017
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GoldMining Inc. to Acquire Two Projects in Canada
GoldMining Inc. will pay for the two projects in the Northwest Territories with four million common shares.
Posted On May 11, 2017
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Ecopetrol Discovers Gas in Caribbean at Gorgon-1 Exploratory Well
With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.
Posted On May 3, 2017
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AngloGold Ashanti Suspends Operations at La Colosa Gold Mine in Colombia After Local Vote Against Mining
The South African mining company said it made the "unfortunate decision to stop all project activities...until there's certainty about mining activity in the country."
Posted On April 27, 2017
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Attack on Caño Limón-Coveñas Pipeline Causes Oil Spill and ‘Environmental Emergency’ in Norte de Santander, Says Ecopetrol
The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.
Posted On April 27, 2017
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Rodney Lamond Resigns as Director of Gran Colombia Gold
While confirming the news, the gold mining company said that the director's resignation was "due to other business and personal commitments."
Posted On April 21, 2017
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