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But current contracts will be respected, the energy ministry said in a statement.
"The 330 contracts for exploration and exploitation of hydrocarbons in Colombia will be respected," the statement said, adding that oil production has been rising since the new government took office, reaching as much as 779,000 barrels per day.
Of 207 exploration contracts, 117 are active, the ministry said.
"We want to reactivate the remainder to have those resources and take advantage of them correctly," said energy minister Irene Velez in the statement. "We have important gas resources in the Colombian Caribbean which potentially could become reserves and significantly increase the country's horizon of self-sufficiency
BOGOTA, Sept 13 (Reuters) - A court in Colombia has ordered the country's majority state-owned energy company Ecopetrol (ECO.CN), opens new tab and Brazilian partner Petrobras (PETR4.SA), opens new tab to halt activities at the Uchuva-2 offshore gas well.
In a court order dated Sept. 11, a judge said activities at the well, on the Tayrona block in Colombia's Caribbean, must stop after the companies failed to properly consult a local Indigenous community about the operation
the Andean country is set to extend that capacity by 1,240 MW across 22 projects in 2024, with up to an additional 1,800 MW in 44 projects that are pending permissions and other administrative procedures, the report said.
The average time it takes a small renewable energy project to start operating in the country is between around three to six years, 70% of which is taken up by some 15 administrative processes, the report found.
"We call for easing the execution of these projects," the report said. "Current entry times to start operating ... are excessively large compared to the size and impact times of the projects.
Reuters) - Colombia's renewable energy sector could get investment of up to $2.2 billion in 2024 across 66 projects that are soon to enter production or waiting to complete paperwork, renewable energy association SER Colombia said on Thursday.
Production of hydrocarbons could be affected in the coming days and may affect fuel supplies, Ecopetrol said in a statement, adding that the situation is compounded by social conflict at the company's Gibraltar gas field.
In a later statement, Cenit reported a new attack on the Cano Limon-Covenas pipeline, adding that 15 attacks had taken place against pipeline infrastructure around the same area since August.
The truckers are protesting an increase of 1,904 Colombian pesos (45 U.S. cents) per gallon to diesel prices which began on Saturday, arguing the price rise will affect logistics costs and national competitiveness.
BOGOTA, Sept 4 (Reuters) - Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.
The truckers' strike and roadblocks, combined with attacks on the Cano Limon-Covenas and Bicentenario pipelines, also threaten operations at state-run oil company Ecopetrol (ECO.CN), opens new tab, the company said on Wednesday.
Meanwhile, the dollar remained steady after Republican presidential candidate Donald Trump was safe following what the FBI said appeared to be a second assassination attempt outside his golf course in Florida.
In the Middle East, Prime Minister Benjamin Netanyahu said Israel would inflict a "heavy price" on the Iran-aligned Houthis, after they reached central Israel with a missile on Sunday for the first time.
Lower interest rates will reduce the cost of borrowing, which can boost economic activity and lift demand for oil.
Reuters
Oil prices inch up on Fed rate cut outlook
The strike group, led by the aircraft carrier USS Abraham Lincoln and its squadron of F-35C fighter jets, was already heading towards the region, where it was scheduled to replace the USS Theodore Roosevelt aircraft carrier. Austin has now ordered it to increase its speed. Additionally, the USS Georgia, a nuclear-powered submarine carrying guided missiles that was already present within the Mediterranean, has been deployed to the area.
Is this an escalation? 12 ships now in the region...this could send energy thru the roof if regional war breaks out.
Colombia can expand its position in the global carbon offset market
Our outlook for carbon offsets suggests that in a net zero scenario overall demand could expand to around five billion tonnes by 2050. Colombia has strong potential to increase its investment in offsets, particularly from forestry and land use markets. Projects that can provide high-quality offsets will be able to realise a premium in the market.
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 Could Lead Latin America Through The Energy Transition
Cross-border strains between Israel and Lebanon's Hezbollah have been escalating in recent weeks, stoking fears of an all-out Israel-Hezbollah war that could draw in other regional powers, including major oil producer Iran.
"The geopolitical risk premium has been coming back to the market as a war between Israel and Lebanon is likely to see direct involvement of Iran, that would be a concern," Andrew Lipow of Houston-based Lipow Oil Associates said.
Reuters
Oil settles slightly up as global supply risks offset US demand concerns
Crude remains on course for a monthly gain after OPEC+ extended supply cuts and said that any subsequent plan to return barrels would hinge on market conditions. Traders are also tracking the demand outlook, with refineries in Asia bringing back some capacity after maintenance despite poor margins.
Oil Rises as Stockpile Drop Extends Rally Driven by Risk-On Tone
We remain supportive toward the oil market with a deficit over the third quarter set to tighten the oil balance,” said Warren Patterson, Singapore-based head of commodities strategy at ING Groep NV. “Speculators have also become more constructive toward oil as we move into summer.”
Crude still remains on track for a monthly gain, and there are signs of rising gasoline demand in the US and healthy demand for air travel, which is aiding the outlook. The prompt spread for Brent has strengthened this month in a bullish backwardation structure, signaling tightening supply.
two vessels being attacked, with one abandoned after flooding and another sustaining moderate damage. A coal-carrier sunk recently as Houthi militants ramped-up hostilities in the region.
Oil prices are also likely to remain supported by a growing geopolitical risk premium driven by conflict in the Middle East, said ActivTrades analyst Ricardo Evangelista.
Israeli forces pounded areas in the central Gaza Strip overnight, while tanks deepened their advance into Rafah in the south.
However, expectations of an inventories build appear to be overshadowing fears of escalating geopolitical stress for now, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Oil prices rise on US crude draw; jobs data feeds rate cut hopes
Softer U.S. Inflation data seen this week, spurring hopes for sooner rates cuts, also helped lift sentiment on oil, with many now pricing in two rate cuts for the year.
The reassurance from OPEC arrived as traders digested mostly bullish forecast for global oil demand. The U.S. Energy Information Administration lifted its world oil demand estimate to 104.5 million barrels per day for next year, up from a prior forecast of 104.3 million bpd, while OPEC maintained its outlook for strong global oil demand in 2024
Colombia's proposed anti-fracking bill has been shelved due to a lack of debate in Congress. The bill, an essential part of the government's plan to transition away from fossil fuels, will be reintroduced in the next legislative session starting July 20, according to Environment Minister Susana Muhamad.
He said the plan will receive high investment - without providing specific details - and Colombia would offer incentives, including tax deductions, to encourage the participation of the private sector.
Colombia's position as the country with the sixth-greatest quantity of renewable water resources puts it in an ideal position to produce green hydrogen - which is made by splitting water - Mesa said, although it will also be able to produce blue hydrogen, when natural gas is split into its component parts.
(Reuters) - Colombia will launch plans in September to develop the production and use of hydrogen as a long-term clean energy source, the Minister of Mines and Energy said on Tuesday, while voicing hope this year's oil and gas auction will be successful.
The South American country will publish a road map to establish over the next 30 years the production, use and export of hydrogen as a clean energy source for use in transport and industry, among other sectors, Diego Mesa told Reuters in an interview.
Colombia to launch road map to develop hydrogen as fuel -minister
Oil posted the largest weekly gain since April after OPEC+ clarified its plan to return some output to the market and fuel markets showed signs of strength.
Oil Posts Weekly Rebound From OPEC+ Dip as Fuels Show Strength
Colombia targets 15% oil output boost from 'enhanced recovery', minister says
Colombian President Gustavo Petro has made bold commitments to combat climate change by halting new drilling licenses in country and moving away from oil and gas in favor of green alternatives—a stance that would seem in opposition to the push to eke out oil from existing contracts.
But according to Camacho, "Increasing the number of contracts does not necessarily lead to more exploration," Camacho stated in Bogotá, highlighting the policy to boost exploration within current agreements. Nevertheless, if successful, it will lead to more output for the country that already has oil and coal accounting for half of its total exports.
Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country's energy ministry.
Energy Minister Andrés Camacho emphasized the government's strategy to revitalize "lazy contracts"—agreements signed 10 to 15 years ago that have so far seen minimal exploration efforts. Camacho believes this approach can elevate production to approximately 800,000 bpd by year-end, a rise from the Q1 average of 774,000 bpd
Energy minister wants to juice existing ‘lazy contracts’
Oil reserves fell to 7.1 years of output; gas to 6.1 years
Colombia Plans to Boost Oil Output With a Drilling Push
interesting gator..maybe more investment coming
In other words, even if conflict is avoided between Israel and Iran in the near future, the world is becoming a more unstable place where energy shocks look ever more likely – and may be the least of our worries
About 30pc of global oil consumption passes through this strait, with a large portion of the oil exports from Saudi Arabia, Iraq, Iran, the UAE, Kuwait, and Qatar’s LNG passing through it as well. This makes the strait an important choke point in the global oil and gas market,” he said.
“While it is difficult to predict by how much and for how long energy prices would rise, we assume that oil and natural gas prices surge by 40pc in 2024.”