Ecopetrol announces fresh austerity measures
Colombia In a press release, the Colombian oil major said it would sell non-core assets, the proceeds of which are estimated between USD 400 million and USD 900 million. Ecopetrol noted that exploration investments would be channelled to high-potential deepwater discoveries, mainly the July 2015 Kronos discovery, and onshore projects.
Additionally, Ecopetrol announced it would freeze operational expenditures at 50% of 2015 levels. The company will also put a cap on new hiring, trim advertising expenses and reduce its budgets for travel. The major’s financing needs for 2016 were adjusted to USD 1.5 billion-1.9 billion.
For more news and features on the oil and gas industry in Colombia, click here
Recent Posts
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea, Subsea7 sign long-term deal with Equinor
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight AI takes 49% stake in ADNOC energy AI player
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
Wood wins TotalEnergies North Sea flare recovery work
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More
Shelf Drilling wins $54-million North Sea contract
Oslo-listed Shelf Drilling has secured a contract for the Shelf Drilling Fortress jack-up rig with an undisclosed North Sea operator… Read More