On Friday, Canadian oil company Pacific Rubiales Energy
Corp, long one of the largest oil companies in Colombia, announced
that it had changed its name to Pacific Exploration and Production Corp. The
oil company explained that it was changing its name because it is going to lose
its contract to operate the Rubiales oil field, the largest in Colombia.
The name change wasn’t Pacific’s only news, as the oil
company also announced that it had lost $226 million in the second quarter of
the year. The company’s executive director, Ronald Pantin, explained
in a press release that, “During the second quarter of 2015 Pacific managed to
adapt itself to the difficult climate of low oil prices through a sustainable
reduction in costs, a focused investment, and maintaining current levels of
production.”
Given the climate of extremely low oil prices, Pacific isn’t
the only oil company looking to cut costs. Juan Carlos Echeverry, president of
the Colombian state-owned oil company Ecopetrol, announced
a plan to cut the oil company’s operational costs by $475 million this year to
more forcefully confront
the fall in oil prices. Echeverry nonetheless took pains to emphasize that
Ecopetrol is still profitable even with current oil prices.
In mining-related news, Goldman Sachs announced
that it had finally divested itself of its commodities play in Colombia. The
self-styled “technology company” sold its coal mining division Colombia
National Resources to the coal mining company Murray Energy.
No comments:
Post a Comment