Colombia

New Stratus Energy announced on Monday that a consortium consisting of subsidiaries of China's state energy giant Sinopec, and Canada's New Stratus Energy was awarded a production-sharing contract lasting 20 years for Ecuador's highest-producing oil block. New Stratus stated that the deal includes a cash upfront entry bonus of $1.5 Billion, of which $600 M will be paid by New Stratus. The government says it lacks the money or technology to increase production in the Sacha Block, one of the oldest blocks in the country. The block will produce about 77,000 barrels a day by 2024. New Stratus reported that...

The United States and Venezuela have a stuffed current history marked by damaged diplomatic relations, sanctions and allegations of criminal activity and coupplotting. U.S. President Donald Trump - who during his very first term used a maximum pressure sanctions policy against President Nicolas Maduro - referred to Maduro as a totalitarian throughout the 2024 U.S. campaign. The administration of former U.S. president Joe Biden reinstated broad oil sanctions in April after it stated Maduro failed to keep guarantees for a totally free election. It likewise imposed targeted sanctions on lots of authorities and increased rewards for the capture or conviction...

When Wagner Dias and his other half Mariana needed a loan to grow their children's clothing organization, the Brazilian entrepreneurs turned to Argentina's MercadoLibre Inc, the online platform they use to offer their items. MercadoLibre, which is making a push into a progressively congested regional fintech and credit market, currently had the data it required to green-light the loan. The Amazon.com of Latin America has actually used developments like that to cement its status as the area's most important company with a market capitalization exceeding $100 billion. Because they had access to all my app history as a seller and...

A court in Colombia has ordered the nation's bulk stateowned energy company Ecopetrol and Brazilian partner Petrobras to halt activities at the Uchuva2 offshore gas well. In a court order dated Sept. 11, a judge said activities at the well, on the Tayrona block in Colombia's Caribbean, must stop after the companies stopped working to appropriately speak with a regional Native neighborhood about the operation. The ruling represents the latest chapter in Colombia's long history of stress between successive governments and Native groups over energy projects, which the communities typically state infringe on their rights or threaten their way of...

Occidental Petroleum said on Thursday that Colombia's Ecopetrol will not buy a stake in shale oil manufacturer CrownRock after the U.S. company said last month they remained in talks for a prospective stake sale. Last year, Occidental consented to purchase the closely held, Texas-based company, CrownRock, in a $12 billion cash-and-stock deal that closed on Thursday. State-owned Ecopetrol was in talks to possibly buy a 30%. stake in CrownRock, in a transaction potentially worth $3.6. billion, Occidental said last month in a regulatory filing. If a deal on the transaction is not reached, Ecopetrol will. have an option to elect...

Among the standout commodity stories up until now this year has actually been China's. demand for thermal coal, with the world's largest importer. seeing record deliveries showing up in the first half. China's imports of thermal coal from the seaborne market,. utilized generally to produce electrical power, were 168.73 million metric. loads in the first six months of the year, up 8.5% from 155.51. million in the exact same duration in 2023, according to information put together. by product analysts Kpler. This was the greatest very first half in China's history and. puts the world's second-biggest economy on track for...

Colombia's tested oil reserves fell throughout 2023 to close at 7.1 years of intake, according to a report published by the National Hydrocarbons Company (ANH). on Friday. Reserves of gas - a crucial fuel for the enthusiastic energy. transition of President Gustavo Petro - fell to 6.1 years of. consumption, ANH chief Orlando Velandia told journalists in. capital Bogota. Petro's federal government wants to wean the Andean nation off of. its reliance on fossil fuels, in favor of a switch towards. renewable resource alternatives, though oil and coal represent a. big portion of Colombia's income. The figures referenced by the...

Rating firm Moody's on Wednesday devalued Colombian majority stateowned energy business Ecopetrol into junk territory, mentioning increased insolvency, a boost in dividends and an ambitious investment plan over the next three years. Moody's cut Ecopetrol's long-lasting issuer rating and senior unsecured scores to Ba1, considered scrap, from Baa3. Ecopetrol has been handling more debt to finance its expansion plans, Moody's stated, including the purchase of a. majority stake in energy corporation Interconexion Electrica. ( ISA). Nevertheless, increased financial investments have not become. likewise increased core earnings, Moody's said. A number of Ecopetrol's planned tasks, particularly those. involving gas, are dangerous...

Steps adopted by the Colombian stock exchange and securities companies to enhance liquidity could be enough for the country to hold onto its emerging market classification and stay in a key JPMorgan index, but more progress is required, the stock market's. president said. Last year JPMorgan cautioned Colombia could be left out from. its MSCI emerging markets index and be reduced to a frontier. market due to decreasing liquidity. The warning triggered a sharp drop in share prices throughout the. stock exchange as a downgrade would repel foreign financiers. directed by the bank's indexes. Simply three Colombian stocks are consisted...

Spain's secondlargest oil business Cepsa progressed with its tactical shift towards low carbon businesses by selling its upstream assets in Colombia while narrowing its firstquarter loss thanks to a strong refining business. The purchaser is Cedco, an affiliate of Colombian oil producer SierraCol, a Cepsa representative said on Friday in an emailed statement, declining to more talk about the offer. The divestment remains in line with the company's strategic shift. Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to 8 billion euros ($ 8.58 billion) in its shift towards green hydrogen and biofuels. In...

Colombian state energy company Ecopetrol and its Brazilian equivalent Petrobras ought to collaborate on developing green hydrogen, Colombian President Gustavo Petro stated on Wednesday after meeting Brazilian President Luiz Inacio Lula da Silva. There is a project that I believe we might take a look at through our 2 huge oil business, Petrobras and Ecopetrol, together in a clean energy job, Petro told a bilateral business online forum in Bogota after the two men met independently. I propose a common project in green hydrogen in Colombia and Brazil so we can be the lead of tidy energy in South America...

A promising location off Colombia's coast where Brazil staterun Petrobras is drilling this year could justify a large job to provide natural gas to the Andean country and for exports, Petrobras' head of exploration and production stated on Wednesday. As oil production in Brazil's prolific presalt region is set to plateau in coming years, Petrobras is broadening its horizons to brand-new frontiers including the Equatorial Margin, Colombia and Africa. At Colombia's Tayrona block, Petrobras and Colombia's. state-run Ecopetrol will drill two wells this year. following a gas discovery at the Uchuva-1 well in 2022. Future. analysis will figure out the...

6 international conservation groups consisting of The Nature Conservancy and The Seat Charitable Trusts on Tuesday released a brand-new coalition to establish practice standards for sovereign debt conversions for nature and climate. The union, which likewise includes Preservation International; Re: wild; the World Wildlife Fund in the U.S. and The Wildlife Conservation Society, will likewise establish a pipeline of shared tasks, the groups said in a joint declaration. Some 60% of low earnings countries see their efforts to secure nature limited by debt, while up to $100 billion in climate and nature finance could be opened by scaling sovereign debt...

storyp1> Oct 21 (Reuters) The world in 2022 reached its most ambitious offer ever to stop the destruction of nature by decade's end. 2 years later on, nations are already behind on meeting their objectives. As almost 200 nations satisfy on Monday for a two-week U.N. biodiversity top, COP16, in Cali, Colombia, they will be under pressure to prove their assistance for the goals laid out in the Kunming-Montreal Global Biodiversity Structure arrangement. A top concern for nations and business is how to spend for preservation, with the COP16 talks intending to develop new efforts that could generate profits for...

storyp1> BOGOTA, Oct 19 (Reuters) Almost 200 nations deal with a due date to report their nature conservation prepares to the United Nations ahead of a twoweek U.N. nature top dubbed COP16, beginning on Monday in the Colombian city of Cali. Here is what you require to understand: WHY ARE NATIONS MAKING NATURE PLEDGES? These pledges must set out how each nation plans to contribute to conference international nature targets agreed on at the last U.N. Biodiversity Summit, COP15, held in Montreal in 2022. The arrangement, called the Kunming-Montreal Global Biodiversity Structure, established four general objectives for 2050 and a...

Colombia wants to write a. combined environment and biodiversity pledge, seeking to combine. efforts to protect nature with those to deal with environment change in. United Nations talks, Colombian Environment Minister Susana. Muhamad told Reuters on Friday. The South American nation later this month will host the. U.N. COP16 biodiversity top aimed at halting the fast. damage of nature, with Muhamad acting as the conference's. president. The United Nations presently has 3 ecological. conventions - one each on climate change, biodiversity, and. desertification - with negotiations and pledges being done. independently on each problem. That is a requiring process for...

South America is being ravaged by fire from Brazil's Amazon jungle through the world's biggest wetlands to dry forests in Bolivia, breaking a. previous record for the variety of blazes seen in a year up to. Sept. 11. Satellite information examined by Brazil's space research firm. Inpe has actually signed up 346,112 fire hotspots so far this year in. all 13 countries of South America, topping the earlier 2007. record of 345,322 hotspots in a data series that goes back to. 1998. A Reuters photographer taking a trip in the heart of Brazil's. Amazon this week witnessed enormous fires burning...

A faction of Colombia rebel group the Estado Mayor Central will not attack the United Countries' COP16 biodiversity conference in the city of Cali later on this year, it said this week. The EMC is a faction of dissident previous FARC fighters who turn down a 2016 peace handle the state. We have actually chosen, as a gesture of our will for peace, to buy our systems not to impact the typical advancement of the COP16 that will be held soon in the city of Cali, the group's leading leader, Nestor Gregorio, better by his nom de guerre 'Ivan Mordisco,'...

U.S. Treasury Secretary Janet Yellen stated on Saturday that the global transition to a lowcarbon economy needs $3 trillion in new capital each year through 2050, far above existing annual funding, however that filling the space is the greatest economic chance of the 21st century. Yellen said in Belem, Brazil's Amazon gateway city, that reaching net-zero emissions objectives remained a top priority for the Biden-Harris administration and this would require management far beyond U.S. borders. Neglecting to deal with climate change and the loss of nature and biodiversity is not simply bad environmental policy. It is bad financial policy, Yellen...

U.S. Treasury Secretary Janet Yellen released on Saturday a new effort with Amazon basin governments to interfere with illicit finance that fuels nature crimes, consisting of illegal harvesting of trees and other plants, minerals and wildlife. Yellen said the initiative aims to increase cooperation amongst financing ministries, law-enforcement companies and other entities from Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and the United States, to improve training to find illicit financing networks operating in the region. The efforts might result in sanctions on groups responsible, cutting them off from the dollar-based monetary system, Yellen said in revealing the cooperation in Belem,...

The world must make peace with nature or threat fueling more global conflicts like the war in Gaza, the president of the upcoming United Nations COP16 biodiversity summit stated on Friday. The October summit in Colombia is charged with negotiating next steps to carry out the landmark 2022 Kunming-Montreal accord - likened to the Paris Agreement on climate modification, however for nature - in order to deal with the drastic decline in biodiversity globally. Environment modification, deforestation, contamination and habitat damage have actually resulted in a 69% decrease in worldwide wildlife populations given that 1970, according to not-for-profit WWF. Colombia's...

The environment phenomena known as El Nino and La Nina, which bring waves of heat, cold, rain or drought, will be more regular and extreme in coming years, after South America suffered the most extreme El Nino in decades, weather professionals said on Thursday. According to the Ecuador-based International Center for Research study on the El Nino Phenomenon (CIIFEN) and the Peruvian meteorology and hydrology company SENAMHI, the current El Nino was among the 5 greatest because 1950. The pattern has actually changed a lot, stated Yolanda Gonzalez Hernandez, director of CIIFEN, at a press conference after a. meeting of...

A political push to raise the firstever Amazonia Bond has actually increase throughout talk with agree a roadmap, yet the possibility of an offer this year faces technical hurdles and scepticism amongst some of those entrusted with handling the financial obligation, sources informed . Brazil, Colombia, and Ecuador are amongst a group of countries in talks with advancement banks to launch a specifically supported structure to raise billions of dollars of low-priced financing to protect the world's greatest rainforest. Proposed by the Inter-American Advancement Bank and World Bank in 2015, is for the first time reporting the progress being made,...

Tropical forest loss decreased in 2015, however other indicators show that the world's. woodlands remain under tremendous pressure, according to an. analysis launched on Thursday by the Global Forest Watch. monitoring task. Damage of forests helps drive international climate change. Because trees take in climate-warming carbon dioxide and shop it. as carbon in their wood, that greenhouse gas is launched when. the wood rots or burns. This damage likewise endangers. biodiversity because of how many plant and animal species call. forests home. Here are key takeaways from Global Forest Watch's yearly. forest loss data. TROPICAL FORESTS FARED BETTER The loss...