Colombia’s Ecopetrol S.A. is preparing to drill the Orca Norte-1 delimiting well in the fourth quarter 2023 to verify the resource potential of the company’s December 2014 discovery.
Spain’s Repsol S.A. has an eye on optimizing its Venezuelan natural gas production as well as consolidating the U.S. as a key growth area, according to the company’s CEO and executive director Josu Jon Imaz San Miguel.
State-owned Ecopetrol reached the 10 MMbbl mark for the sale of its carbon-compensated crude to markets in Asia, Europe and the Americas.
Stratas Advisors expects that oil prices will moderate in fourth quarter 2023 after the increase in prices in third quarter 2023.
Home to the world’s seventh-largest natural gas reserves, the OPEC member has a massive flaring problem which, if resolved, could allow it to monetize its onshore associated gas production.
Colombia’s state-owned Ecopetrol SA reported a 61% drop in net income in the second quarter 2023 compared to the second quarter 2022 amid lower commodity prices, while in the Permian its operations lead the company’s production increases in absolute terms.
European energy giant Shell plc looks to add around 8.6 mtpa of net liquefaction capacity to its portfolio through four projects spanning three continents beyond 2025.
Italy’s Eni SpA reported lower second quarter 2023 earnings—mainly due to lower commodity prices—and it still eyes the start-up of its Congo LNG project before year’s end.
Gas-rich Venezuela on its own is unable to monetize its reserves abroad while neighboring Trinidad and Tobago is short of gas to feed its LNG, methanol and ammonia export facilities. And an agreement to appease both governments isn’t easy especially with Washington meddling in the middle.
Stratas Advisors expects the price of Brent crude oil will not break $87 for the upcoming week.