colombia

Oil & Gas

Colombia’s Ecopetrol sells over of half of EEB stake for $215 mln

Colombia's state-owned oil company Ecopetrol sold more than half its shares in energy company Empresa de Energia de Bogota (EEB) for $215 million, Ecopetrol said on Monday, as part of its plan to sell assets to fund investments. Ecopetrol said in a statement it sold 352 million shares, 55.1 percent of its interest in EEB, for 1,740 Colombian pesos per share. The shares were sold to a preferential group of employees, retirees, pension funds and unions.

Americas

Defeated ex-CFO reemerges to upend Colombia’s privatisation plan

Rodrigo Toro, Isagen’s former chief financial officer, isn’t going to watch his old company be sold off without a fight. The 62-year-old engineer, who led a failed attempt to buy the Colombian state-controlled hydropower producer in 2013, is among a group that successfully sued to suspend the latest auction last month of the government’s 5.3 trillion peso ($2.1 billion) majority stake. The delay has left bidders from Canada to Europe in limbo on a transaction that could have highlighted Colombia’s potential as an investment destination and helped offset slowing economic growth. Instead, it has become a reminder of the difficulty of doing business in the Latin American nation, drawing attention to a legal and administrative system the World Economic Forum ranks below those in Guatemala and Honduras.

Other News

Colombian rebels blamed for power outage after attack on energy infrastructure

Colombian officials are blaming rebels for an attack on the country’s energy infrastructure that left hundreds of thousands of people without power. President Juan Manuel Santos said the guerrillas of the Revolutionary Armed Forces of Colombia (Farc) blew up an energy pylon and blacked out much of the southern region of Caqueta. The blackout affected more than 300,000 people. Mr Santos called it an irrational terrorist act that was counter to the peace process.

Oil & Gas

Technip subsidiary awarded Peru pipeline contract

Technip's Colombian subsidiary, Tipiel, has been awarded a front-end engineering design and detailed engineering design contract on a lump-sum basis. The deal, which was awarded by the Consorcio Constructor Ductos del Sur, is for the development of a new gas pipeline to transport gas from the Camisea field to Southern Peru. The project was launched by the Peruvian government and consists of more than 1,700 kilometres of 32" gas pipeline.

Americas

Petroamerica hits oil pay in Llanos Basin

Petroamerica Oil has completed a stabilized test rate of 760 barrels of oil per day at its Langur-1X exploration well in the Llanos Basin of Colombia. The company said the LLA19 block was cased to evaluate 14.5feet of Gacheta Coil pay. Two intervals were perforated and the well was tested for 15 days under flow-assistance by coiled tubing and nitrogen.