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Everglades wrote: BY: PORTFOLIO JANUARY 12, 2020 -

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farml1234   Monday, 01/13/20 09:29:14 AM
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Everglades wrote: BY: PORTFOLIO JANUARY 12, 2020 - 08:07 P.M. Two oil companies sign up for fracking in the country They are the multinationals ExxonMobil and Chevron, which left aside the business they have been doing for years to focus on the non-conventional ones. Chevron and ExxonMobil Chevron and ExxonMobil, do not hesitate to assure that they will do 'fracking' in Colombia. Two multinational oil companies with decades of presence in Colombia decided to leave aside the development of the traditional business they had been doing for years in the country to focus all their efforts on a single task: fracking. They are Chevron and ExxonMobil, whose respective administrations, after several months of studies and analysis, decided to give a 180-degree turn to the operation they had been executing in the country, to concentrate on a single objective, the operation of non-conventional oil fields (YNC). I PUBLISHED In the case of the first multinational, it recently sold to Hocol (a subsidiary of Ecopetrol) 100% of the assets it owned for the production of natural gas in La Guajira: Chuchupa (offshore) and Ballena (onshore). However, the management of Chevron, based in Houston (USA) decided to continue with the business of lubricants, as well as fuel, in both fronts developed under the Texaco brand. "We are not going to leave Colombia. We are looking for opportunities to strengthen our operation. We have nearly 500 service stations, a plant for the manufacture of lubricants and two terminals," said Marc Pyne, president of Chevron Colombia. On the other hand, ExxonMobil, after 100 years of participation and being partly a protagonist of the lubricants and fuels market in the national territory, took the decision of leaving these two businesses in Colombia. At that time, spokesmen of the multinational, with headquarters in the city of Irving (USA), "The company is strengthening this business model, which it uses in several countries of the world. Basically what was presented was an opportunity to do so in the Andean region (Colombia, Ecuador and Peru). And this is the evaluation that ExxonMobil is constantly making of the global portfolio and of the growth opportunities", clarified one of the spokesmen.once the path to the development of the YNC in the country began to be cleared, and the possibility of presenting two regulations that endorsed the operation, the management and technical personnel of Chevron in Houston began to contemplate the idea of doing fracking in Colombia.emphasized Pyne.he added the high executive that Colombia is a country blessed with this type of deposits. And he made it clear that if conditions are optimal for YNCs in Colombia to be part of Chevron's portfolio, it would require the technical and fiscal part, and clear rules offered by the government.The large hydrocarbon deposits in YNC in the Magdalena Medio, in the departments ofVoceros of the multinational have insisted that there is a great interest on the part of their executives and technical personnel to develop YNC, but that initially they would do it through hydraulic fracture tests.ExxonMobil would carry out its fracking test in block VMM37, near Barrancabermeja, in the basin of the Middle Magdalena Valley, near the block where Ecopetrol would develop its pilot project.

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