• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 5 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 3 hours China goes against US natural gas
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 5 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 22 hours Why hydrogen economics does not work
The $80 Billion Megaproject Splurge In Oil

The $80 Billion Megaproject Splurge In Oil

The growing lineup of megaprojects…

WTI Set For Longest Weekly Losing Streak Since 2015

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Rebel Bombing Shuts Down Key Colombian Oil Pipeline

ELN Rebels

Colombia’s second-largest oil pipeline has been taken offline by a rebel attack which spilled crude oil into the Bojaba river, this is the fourteenth such attack this year.

While no group has claimed responsibility for the attack, the authorities suspect the ELN (National Liberation Army) rebel group.

Related: Oil Slips After EIA Reports 1.3M Barrel Build

The Cano-Limon Covenas pipeline, run by state-owned Ecopetrol, was bombed at a 485-kilometer section that runs near the border with Venezuela in Arauca province, Reuters reported. Pumping of crude into the pipeline has been halted, according to Ecopetrol.

The pipeline has a 210,000 barrel per day capacity, and transits crude produced by U.S.-based Occidental Petroleum to the port of Covenas in the Caribbean, which is the country’s main export facility. The Cano Limon oilfields, operated by Occidental, account for 30 percent of Colombia’s total oil output.

There are two major rebel groups operating in Colombia: FARC (the Revolutionary Armed Forces of Colombia), the largest, and ELN, the second-largest.

A similar attack on the same pipeline in April was also attributed to the ELN.

Related: Why Nevada Is The Next Lithium Hot Spot

Suspicion is also resting on the ELN due to the status of peace talks between the government and the two rebel groups. While peace talks are proceeding with FARC, boosted to some extent by FARC’s public renouncing of kidnapping in 2012, the ELN has refused to follow suit, making peace talks more challenging.

Rebel groups have been responsible for a significant drop in production in Colombia. In March, according to Bloomberg data, production dropped to 916,000 barrels per day, down 8 percent from December 2015, while daily crude exports slid 14 percent from the previous month.

By Charles Kennedy of 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