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Ecopetrol's Q1 EBITDA rose despite an 8.7% revenue drop — governance crisis and a $3.3B tax dispute loom over Colombia's state oil giant.

Amidst the backdrop of a government hostile to petroleum, now Shell leaves Colombia's offshore gas sector, joining other majors in exiting as production drops 48%.

These new awards bring the total to 69 petroleum drilling concessions issued under the Duque Administration.

Ecopetrol reports sales down 23.6% year-on-year for the 4th quarter of 2020, to 14,190 trillion Colombian pesos, or 3.95 billion USD. Full year sales are down 29.4% to 13.8 billion. The company was able to report net income of 1.7 trillion pesos, or $471 million USD.

Colombia's ANH signed 4 new contracts today, as a conclusion of the third cycle of the Continuous Area Nomination Process, PPAA. Parex Resources and CNE Oil & Gas were awarded four areas, with associated investments estimated at approximately US$ 40 million.

Both the Colombian petroleum producers' industry group ACP and the petroleum workers' union UTIPEC are in agreement in their calls for flexibility in petroleum transportation prices in Colombia's indirectly government controlled transportation network, and decry CENIT's financing...

The collapse in oil prices has led ACP, Colombia's petroleum industry association to call on the country's government to allow flexibility in the regulated pipeline transportation costs, that now make up almost half the cost of a barrel of oil, says the trade group.

Today, mechanical engineer Armando Zamora Reyes (above, left) was sworn in as president of Colombia’s National Hydrocarbons Agency by Minister of Mines and Energy, María Fernanda Suárez Londoño

Colombia’s state controlled petroleum producer Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) and Shell (AMS: RDSA, NYSE: RDS.A) through Shell subsidiary Shell EP Offshore Ventures Limited, signed a deal which will see Shell acquire a 50% stake in the Fuerte Sur, Purple Angel and...

On Bogotá’s famous Avenida Séptima (7th Avenue) in Colombia, about where it connects with 76th street near the Russian Embassy, a large mural was painted on a wall. The mural, since painted over, was graffiti art in opposition to “Fracking,” or Hydraulic Fracturing. Known within...