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Despite attacks, record output for Colombia’s Ecopetrol

ecopetrol colombia

Colombia’s state-run oil company Ecopetrol delivered a net profit of $2.05 billion in the third quarter of 2013, the company said Wednesday. This figure is up nearly 20% from a year ago, which the company attributed all-time high oil production.

Ecopetrol said they now produce 60% of Colombia’s total output.

“We achieved our best financial results of the last six quarters,” EcoPetrol Chief Executive Officer Javier Gutierrez said in the Q3 earnings report, “However, we continue to face a challenging environment, particularly due to the attacks on transport infrastructure.”

MORE: Northeast Colombia oil pipeline attacked for 3rd time in week

Compared to the same time in 2012, there has been an 18% increase in attacks on Colombian pipelines as a whole between January-September 2013.

Ecopetrol is Latin America’s fourth largest oil producer.

Sources

The post Despite attacks, record output for Colombia’s Ecopetrol appeared first on Colombia News | Colombia Reports.

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Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!