Page 11 - LatAmOil Week 32

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NEWS IN BRIEF
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loading facility, we are now able to load larger volumes of asphalt, up to 25,000 barrels of asphalt for export,” he noted.
“We now have the opportunity to operate the asphalt unit to higher levels of capacity utilisa- tion, since we are now able to move the prod- uct in higher volumes, because of our enhanced asphalt loading capabilities at one of our docks, which can accommodate vessels up to 160 metres long [and] requiring water depth of 10.8 metres,” he added.
e Petrojam GM said that there is a large market for asphalt both locally and regionally. Road paving, he stated, constitutes more than 50% of the asphalt market internationally and more than 80% locally. He pointed out that there was a growing demand for asphalt for the con- struction and real estate sectors for building con- struction repair, and waterproo ng purposes. “ e vast majority of the nation’s roadways are paved with asphalt produced by Petrojam. All of the North-South Highway, as well as a sig- ni cant portion of the East-West Highway, was paved using asphalt from Petrojam. In addition, most if not all of the current road improvement projects are being paved with asphalt produced by the company,” Watson stated.
“We are also exporting asphalt by ISO tanks ... to regional customers. We will be maximising every available opportunity to export and aim to have similar or higher volumes of asphalt exportedeverysixtoeightweeks.”
Petrojam, August 07 2019
COMPANIES
Canacol Energy reports 8%
increase in realised gas
sales in Q2-2019
Canacol Energy is pleased to report its nan- cial and operating results for the three and six months ended June 30, 2019.
Charle Gamba, president and CEO of the corporation, commented: “ e second quarter saw an increase in natural gas production of 9% for the three months ended and 13% for the six months ended, compared to the same periods
in 2018, as well as signi cant exploration dis- coveries with the Acordeon-1 and Ocarina-1 wells. As we recently announced, we also saw the completion of works on the Jobo-Cartagena pipeline expansion, which will li gas sales to 215mn cubic feet (6.088mn cubic metres) per day in August. For the remainder of the year, we shall focus on: 1) the execution of our remaining exploration and appraisal drilling program in order to increase our gas reserves base and 2) the execution of new natural gas sales and pipeline construction contracts in order to deliver 100 mcf (2.8 mcm) of natural gas sales to Medellin in late 2022.”
Financial and operational highlights of the corporation include: Realised contractual natu- ral gas sales increased 8% and 11% to 120.5 mcf (3.41 mcm) per day and 121.3 mcf (3.43 mcm) per day for the three and six months ended June 30, 2019, respectively, compared to 111.9 mcf per day (3.17 mcm per day) and 109.1 mcf (3.09 mcm) per day for the same periods in 2018, respectively.
Average natural gas production volumes increased 9% and 13% to 121.5 mcf (3.44 mcm) per day and 122.4 mcf (3.47 mcm) per day for the three and six months ended June 30, 2019, respectively, compared to 111.4 mcf (3.15 mcm) per day and 108.4 mcf (3.07 mcm) per day for the same periods in 2018, respectively.
Total natural gas revenue, net of royalties and transportation expenses for the three and
six months ended June 30, 2019, increased 8% and 15% to $45.7mn and $93.1mn, respectively, compared to $42.4mn and $81.1mn for the same periods in 2018, respectively, mainly attributable to the increase of natural gas production. Canacol Energy, August 07 2019
Ecopetrol CEO comments on Q2-2019 results
Ecopetrol announced today its financial results for the second quarter of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia.
In the words of Felipe Bayon Pardo, CEO of Ecopetrol: “In the rst half of 2019, the Ecopetrol Group reported a net pro t of COP 6.2 trillion and an EBITDA of COP 15.7 trillion, equivalent to an EBITDA margin of 45.7%.
“ ese results demonstrate the nancial and operational strength of the company, which faced a challenging market environment during the second quarter, given the decline in inter- national prices for Brent, naphtha and gasoline, as well as operating restrictions throughout the rst half of the year, due to the scheduled main- tenances in some elds and at the re neries, in order to achieve the highest standards of integ- rity in our operations.”
Ecopetrol, August 12 2019
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