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Exploration efforts must continue and be strengthened through the signing of new E&P [exploration and production] contracts that allow extending the period of self-sufficiency of hydrocarbons, guaranteeing energy sovereignty and ... the transition towards a sustainable, balanced energy mix, according to the needs of the country," Acipet said in a statement.
Acipet said the potential size of the resource would only be known following the execution of an evaluation plan and testing.
Earlier, president Gustavo Petro said the discovery proved Colombia no longer needed to sign new exploration contracts.
Since assuming office last August, Petro has kept a promise to stop issuing E&P licenses as part of broader efforts to accelerate the clean energy transition.
"The increase in reserves does not depend on the signing of new exploration contracts, which would work in the long term," Petro tweeted. "What works in the next decade is the efficient [progress] of existing exploration contracts," he added.
Colombian petroleum engineers' association Acipet has reiterated calls for new oil and gas licensing rounds to guarantee the South American country's long-term energy security.
The latest official hydrocarbon reserves, published last week, show self-sufficiency of 7.5 years for oil and 7.2 years for gas, down from 7.6 and 8.0 years a year earlier.
"Exploration efforts must continue and be strengthened through the signing of new E&P [exploration and production] contracts that allow extending the period of self-sufficiency of hydrocarbons, guaranteeing energy sovereignty and ... the transition towards a sustainable, balanced energy mix, according to the needs of the country," Acipet said in a statement.
Bankrupt and out of business undoubtedly
Another month of silence from our non existing company. Other companies report news. Thanks to others here reporting news about everybody but IAHL.
They probably out of the country.
Hydrogen-to-power strategies are key to decarbonisation pathways in Europe and Asia, making these key potential export markets for hydrogen produced in Colombia. We estimate the levelised cost of hydrogen (LCOH) in Colombia could be similar to Chile’s. Potential export volumes from Colombia would be globally competitive, especially into Europe.
Colombia is getting help from external actors to develop its renewable energy sector. In February, the Climate Investment Funds (CIF), one of the world’s largest multilateral climate funds, announced it would be lending Colombia $70 million at a low interest rate, to invest in its green transition
Terrible non reporting company. Call the company. TaLk to the PR person. They never report anything that is accurate
Agree with you. Company is non existent. A terrible company
This month, Colombia’s National Hydrocarbons Agency (ANH) is expected to invest over $135 million in gaining a better understanding of the country’s renewable energy potential. This funding is part of the government’s four-year development plan, currently being debated in Congress
Investing.com -- Oil prices rose in Asian trade on Monday as U.S. lawmakers said they had reached a provisional agreement to raise the debt ceiling, with focus now turning to key Chinese data this week for cues on the world’s largest oil importer.
Oil rises on tentative U.S. debt deal; China, Fed in focus
Even if this company started trading again , doubt anybody would buy. This is a pretty untrustworthy corporation . Through the years they twisted the truth . At the end , just outright lies
Having not had internet for days I have not posted. I normally don’t post much anyways. But I want to thank you BBall for thinking about those of us in Guam. I am on generator, one of the lucky ones to have one, and to still have water. Internet is spotty, gas is being rationed.But the only deaths were in a traffic accident before or after the typhoon. Thank you Lord.
Too bad we don’t have a company that reports anything. We do have people report about everything but our company.
Petro’s administration has so far refused to issue new oil-exploration licenses, though the ministries of energy, finance and industry in March said the new reserves report would be key in determining policy going forth.
In a statement following the report, Mines and Energy Minister Irene Velez said the government will continue to focus on looking for greater efficiency, and ensure that offshore projects come to fruition.
This report will again bring to light the debate on whether new contracts are needed,” said Cristancho. “For now the government may insist there are sufficient contracts but depending on how the current exploration campaign goes, it may be open to new contracts down the road.”
Colombia's latest oil and gas reserves report shows the country must issue new exploration licenses to guarantee its long-term energy security, according to natural gas association Naturgas.
The report, published on Thursday by national hydrocarbons agency ANH, said proven oil reserves stood at 2.074Bb (billion barrels) on December 31, up 35Mb or 1% compared to end-2021. The figure for natural gas dipped slightly to 2.82Tf3 (trillion cubic feet).
The volumes reflect self-sufficiency of 7.5 years for oil and 7.2 years for gas, down from 7.6 and 8.0 years, respectively, a year earlier. The faster rate of decline is due to higher production rates reported in 2022.
"We currently have reserves that allow us to be self-sufficient for up to eight years, but the truth is that companies identify other types of reserves or reserve potential that, if developed only through the drilling of wells, can add self-sufficiency in the long term," Naturgas president Luz Stella Murgas (pictured) told newspaper La República.
Officials had previously said the reserves report would dictate whether Colombia needed to resume auctions for oil and gas drilling rights.
The government has yet to comment on whether it could reverse a decision to stop issuing new licenses.
"Independent of the reserves report, Colombia should maintain natural gas self-sufficiency and the only way is by drilling wells, accelerating exploration in contracts that are already signed with the ANH and also in areas that have not been offered, but that have been identified with reserve potential," Murgas said.
Murgas said the need for more home-grown gas is becoming more urgent amid forecasts of an imminent El Niño drought cycle.
Less covered by international media, however, was a discussion between the two presidents about the possibility of forgiving Colombian public debt in return for climate action and conservation efforts.
Petro, in statements the following day, said that the two countries will work together to build “a renewed Alliance for Progress with a view to developing clean energy in the Americas,” part of which could include a US proposal to the International Monetary Fund (IMF) to help secure financing. He called the debt relief conversation "the most important agreement with President Biden; it could quite literally change the world."
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman warned short sellers to "watch out" earlier in the week, raising expectations that Saudi Arabia, the de facto leader of the OPEC+ cartel, would seek another production cut in order to boost prices.
Adding to the optimism is a report by Reuters indicating that congressional Republicans and the White House are very close to agreeing on a deal to lift the U.S. debt ceiling before the June 1 deadline, averting a catastrophic default that would severely hit global economic activity, and thus crude demand.
Crude oil higher; U.S. demand stays healthy ahead of OPEC meeting
Investing.com
Fri, May 26, 2023 at 5:33 AM EDT·2 min read
In this article:
CL=F
Investing.com -- Oil prices rose Friday, heading towards their second consecutive week of gains on signs of tightening U.S. supply and improving fuel demand in the world’s largest oil consumer.
Agreed
This is supposed to be an IAHL board. There are general oil & gas and energy boards already.
Looks like “filler” and “noise” to distract from the obvious crickets here?
The government hopes that the funding will help to attract a further $280 million from development banks and carbon finance markets. Based on this figure, it expects to stop 1.6 million tonnes of carbon dioxide from being released, or around 1 percent of Colombia’s annual carbon emissions.
Agree bball,
thank your son for his service and good luck to the longs here.
A lot of news about everything else but. Our company. Start talking about IAHL.
O yea. U can’t cause there is no news.
I totally agree, EB. We owe our Military members, and their families, more that we can ever pay. I am fortunate to not personally know anyone who lost their lives while in the military, but I live on the edge every day worrying about my Son who is currently at Indo Pay Com. May God Bless those serving in today's world and hope that those in Guam are safe and sound.
growing up in a military family i wish to thank and morn all those who have served or have family serving in our military or are alive or passed.
good luck to my fellow longs here,
have a blessed Memorial day to all
NEW YORK (Reuters) -Oil prices rose about 2% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts.
You cannot profit from higher oil and gas dand if you're not in the game . Altenesol is NOTin the game , not even trading in stock market .All investments have vaporized into thin air despite positive assurances from this corporation .. silent for a year and a half now
Somebody is profiting mightily from all this oiland gas demand .. it's sure as hell not Altenesol
The Memorial day holiday, this year on May 29, traditionally marks the beginning of U.S. peak summer travel. U.S. gasoline futures rose 2% on Tuesday after the API data.
Production cuts by some OPEC+ members take effect this month. Fears of a supply squeeze mounted after Saudi Arabia's energy minister said he would keep short sellers - those betting that prices will fall - "ouching" and told them to "watch out".
The comments could mean the Organization of Petroleum Exporting Countries and allies including Russia will consider further output cuts at a meeting on June 4, said OANDA analyst Craig Erlam.
Wow, great for the oil market .. not so great for a missing in action Altenesol . Good for the Saudis .. they know how to run a business unlike the characters at Altenesol
Colombia has significant potential to develop its renewable energy sector and has already introduced favorable policies to support this development. However, with an economy that continues to rely heavily on fossil fuels, President Petro will have to ensure economic stability and alternative employment to achieve a successful green transition. Further, while the country is attracting high levels of investment in its renewable energy sector, it must improve its complex regulatory and tax systems if it hopes to accelerate the development of its green energy capacity.
Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts.
A warning from the Saudi Arabian energy minister against shorting oil also pushed up prices. This came as the effects of recent production cuts by the OPEC began to be felt, which, coupled with signs of increasing demand, pushed up expectations of a near-term supply crunch.
Oil prices rose in Asian trade on Wednesday as industry data signaled a sharp drop in U.S. inventories, heralding tighter supplies,
Colombia, which generates nearly half of its export revenues from oil and coal, will not rush to drastically reduce exports in an energy transition the new president has pledged. Energy exports “would have to be gradual” and place gas self-sufficiency as a priority, Ocampo told FT.
Last week, Andres Bitar, acting president of the National Hydrocarbons Agency, ANH, told Reuters that the government hadn’t taken any decision regarding the idea of blocking new oil and gas exploration projects.
“The main message that is very clear from the government is that it’s not a decision that’s written in stone,” Bitar said.
Nothing on this board is relevant until / unless we hear anything from the focus of this board ..IAHL/ Altenesol . We hear hints of Colombia’s focus on renewables / oil / natural gas blah, blah , blah but nothing ever on the subject of this board ... Iahl stock last I checked . There is never any shred of news on why they disappeared from existence..leaving shareholders wondering what happened to all the promises / assurances . Even their amateurish website is frozen in time .. going into 2 yrs now .. with sly assurances of news to come. What a rotten to the core company . Everything on their website was a lie
Natural gas is an essential part of Colombia’s overall energy mix, providing 28% of all energy consumed in the country.
Andres Bitar, acting president of the National Hydrocarbons Agency, ANH, told Reuters that the government hadn’t taken any decision regarding the idea of blocking new oil and gas exploration projects.
“The main message that is very clear from the government is that it’s not a decision that’s written in stone,” Bitar said.
“The decision on whether or not to sign new contracts or open a bidding round hasn’t been made,” the acting head of the national regulator told Reuters.
Hydrogen-to-power strategies are key to decarbonisation pathways in Europe and Asia, making these key potential export markets for hydrogen produced in Colombia. We estimate the levelised cost of hydrogen (LCOH) in Colombia could be similar to Chile’s. Potential export volumes from Colombia would be globally competitive, especially into Europe.
Asia will lead oil demand growth of around 2 million bpd in the second half of the year, a senior executive at Vitol said, an increase that could potentially lead to a shortage of supply and drive up prices.
Last week, both oil benchmarks gained about 2%, their first weekly rise in five, after wildfires shut in large amounts of crude supply in Alberta, Canada.
Lot of stuff about companies other than Altenesol . I suppose we’ll never hear from or about that course ever again ? It’s been years now . Why not post about the focus of this board and not about prospects for ecopetrol etc
the International Energy Agency (IEA) warned of a looming shortage in the second half of the year when oil demand is expected to eclipse supply by almost 2 million barrels per day (bpd), the Paris-based agency said in its latest monthly report.
Oil prices traded either side of unchanged on Monday as the market waited for news on the U.S. debt ceiling talks and as a stronger dollar offset support from lower supplies from Canada and OPEC+ producers.
Given the costs of the technologies involved, some level of government support will be required for carbon capture, utilisation and storage (CCUS) to see a return on capital. Colombia has yet to announce any CCUS projects, even though it has a net zero target in place and CCUS storage potential. Colombia’s government has indicated policy support for low-carbon hydrogen – to meet its net zero pathway, CCUS has to be part of the equation in Colombia too.
Hydrogen-to-power strategies are key to decarbonisation pathways in Europe and Asia, making these key potential export markets for hydrogen produced in Colombia. We estimate the levelised cost of hydrogen (LCOH) in Colombia could be similar to Chile’s. Potential export volumes from Colombia would be globally competitive, especially into Europe.
Colombia produced around one million barrels a day (mb/d) of oil in 2022 and has valuable product exports to the United States, according to Wood Mackenzie findings. But US efforts under the Inflation Reduction Act (IRA) are designed to propel decarbonisation towards a 1.5 degree pathway. On this pathway – which we explore in our AET-1.5 scenario – oil demand in the US transport sector could fall to less than 1 mb/d by 2050. That would put Colombia’s liquids exports at significant risk.
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Investor Relations: 407-432-7554
Company eMail: info@altenesol.com
Website: http://www.altenesol.com
ALTENESOL
5950 Hazeltine National Drive
Orlando, FL 32822
Shares Outstanding 64,999,732 a/o Mar 13, 2017
Float 54,997,558 a/o Mar 13, 2017
Authorized Shares 100,000,000 a/o Mar 13, 2017
Please avoid tying up the Main Company Line: 407-401-8242
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