News coming out of the Colombian oil industry was mixed on
Thursday. On the one hand, Colombian oil production for the month of October averaged
more than 1 million barrels per day, an increase in production of 1.3% from the
same month in 2013. The Colombian Ministry of Mines and Energy announced the
new production totals, adding that the mean natural gas production in October
was 1.11 billion cubic feet per day, roughly the same as the previous year.
Ecopetrol, Colombia’s state-run oil company, announced
that it will increase its average oil production by an additional 10,000 bpd in
November and December, and increase it still further into the first half of 2015.
This announcement should help Ecopetrol’s depressed stock price, which has been
sharply affected by the global fall in oil prices.
On the other hand, attacks continue on Colombia’s oil
infrastructure. Ecopetrol reported that a team of technicians were attacked in
Tumaco in the Nariño department. One worker was killed and three others were
killed in the bomb attack. Colombian authorities have not yet determined who
was behind the attack, but the FARC and the ELN are both active in the area. Reuters
provided additional details, explaining that the Ecopetrol contractor was
killed after stepping on a landmine while trying to repair the Transandino
pipeline.
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