• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 day Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 hour Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 19 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 2 days As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 1 day The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Never Knew Gasoline Prices were this important!
  • 24 hours Plants are Dying
  • 5 hours Emmissions up, renewables nowhere
  • 1 day We Are Better Than This
  • 3 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
Is It Time For A Contrarian Bet On Oil?

Is It Time For A Contrarian Bet On Oil?

A slew of bearish news…

Lincoln Brown

Lincoln Brown

Lincoln Brown is the former News and Program Director for KVEL radio in Vernal, Utah. He hosted “The Lincoln Brown Show” and was penned a…

More Info

Latest Pipeline Bombing Adds to Industry Woes in Colombia

Ecopetrol pipeline attack

The government of Colombia and the National Liberation Army (ELN) rebels announced plans to begin peace talks in March but the situation between the two entities has remained tense. It recently deteriorated further when the rebels killed six members of that country’s security force and bombed the Caño Limon-Coveñas, which is the second-largest oil pipeline in the nation.

The pipeline is located near the Venezuelan border and belongs to the state-run company Ecopetrol, which celebrated its 52nd anniversary this past weekend. Ecopetrol issued a statement blaming the ELN for the attack.

According to Orlando Hernandez, president of Agora Consultorias, the Colombian military has continued operations against rebel groups and criminals in the rural areas of the country. The presence of those groups has made the situation difficult and dangerous in Colombia’s oil fields. Hernandez reported that while FARC (The Revolutionary Armed Forces of Colombia) has decreased its activities following a cease-fire one year ago, the ELN has stepped up its attacks. The ELN has carried out 15 other attacks on pipelines so far in 2016. Last year, the group was responsible for five attacks.

Attacks by rebel groups such as ELN are not the only problems for the oil industry. Members of the local communities and indigenous groups have been blockading oil and gas facilities. Some have environmental concerns about oil and gas activity while others are seeking concessions for labor or royalties.

Related: Gas Pump Skimming At New Records This Holiday Weekend

Ecopetrol executives have said that these blockades have caused more problems than the activities by the rebel groups. At present, a blockade at the town of Gibraltar in the northeast area of the country has resulted in a 30 percent spike in natural gas prices for customers in the town of Bucaramanga, which is located nearby. That blockade has been in place for one month. In 2015, repairs crews were stopped from working on the Cano Limon pipeline for two months. Hernandez said the delay resulted in millions of dollars of lost oil revenue.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News