Gulf Oil and Gas accountACCOUNT

Colombia's Ecopetrol to Reverse Dip in Crude Output

Source: Reuters 11/4/2014, Location: South America

Colombia's state-run oil company Ecopetrol would raise daily average output by 10,000 barrels in October, November and December and raise output further in the first half of 2015.

Ecopetrol's consolidated crude oil and gas production fell 5.7 percent in the third quarter to 754,800 barrels per day from the same period a year earlier, contributing to a 41 percent plunge in profits in the quarter.

A rise in output could help the company's stock, which has plunged almost 30 percent this year. Shares traded on the Bogota stock exchange hit their lowest this year on Tuesday, dropping 4.3 percent to 2,630 pesos ($1.27) per share.

Extra output from the Chichimene and Castilla fields should boost supply as new wells come online at those sites and as infrastructure projects improve water and crude handling.

"We will ramp up production supported by the investment plan," said Ecopetrol CFO Magda Manosalva, one of the company's executives speaking on a conference call with analysts.

Manosalva said the company's largest field, Castilla, has been producing 104,000 barrels per day on average so far this year and would reach around 116,000 barrels per day by the end of the fourth quarter. Output should rise to around 150,000 by the middle of 2015.

She said the field had potential to reach 200,000 barrels a day.

Output at Chichimene, the company's second-largest field, rose to a record 66,000 barrels per day in the third quarter. Its output is expected to continue rising to between 75,000 and 80,000 barrels per day by December, Ecopetrol executives said.

The company's results have been hit by a sharp fall in oil prices in the last quarter, on top of lower production, which it has been addressing by investing in infrastructure improvements and pilot projects to boost oil recovery from wells.

Bomb attacks by the country's leftist guerrilla groups, which can shut oil pipelines for several days and cut output, have reduced in number so far this year, the company says.

Production News in Colombia >>

Egypt >>  10/26/2020 - BP announced the start of gas production from its latest development offshore Egypt the Qattameya gas field in the North Damietta offshore concessio...
Falkland Islands >>  10/26/2020 - Borders & Southern Petroleum plc is pleased to announce that it has been granted an extension to its Falkland Islands licences. The Company's Producti...

Australia >>  10/23/2020 - Quarterly production broadly steady at 6.8 MMboe as revenues increase by 13%
Q1 FY21 production of 6.8 MMboe was 1% below the prior quarter, w...

Australia >>  10/22/2020 - Santos released its 2020 Third Quarter Activities Report.
<...


China >>  10/22/2020 - CNOOC Limited announced that Bozhong 19-6 condensate gas field pilot area development project has safely commenced production. ...
Senegal >>  10/22/2020 - Performance
Delivered production of 25.3 MMboe, up 2% from Q3 2019.
Delivered sales volume of 26.7 MMboe, up 10% from Q3 2019.
...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Colombia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.