The pros and cons of a partnership between Ecopetrol and PDVSA

With regard to the PDVSA company, Amilkar Acosta has indicated this Colombia It imports fuel because its refineries are not producing enough.

Ecopetrol imports light oil from California, United States and the Gulf of Mexico to mix with the crude oil extracted in Colombia, which is heavy, with the aim of improving the refining quality of gasoline for national consumption, explained the Minister of Mines and Energy, Andrés Camacho. This is one of the government’s decisions to “make progress in closing the FEPC Fuel Price Stabilization Fund gap” with a more competitive fuel price.

Amilkar Acosta confirmed that there is a refinancing of the refineries of PDVSA and believed that Colombian crude oil could be processed there to produce it, without forgetting that Venezuela has the largest oil reserves in the world.

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“They just don’t know how to take advantage of this and how to deal with it. That company It is bankrupt because since the government of Hugo Chaves, through Nicolás Maduro, they have turned it into the small (or big) money of the presidency. It was heavily influenced by the sale of crude oil at egg prices to Caribbean countries with Chavista oil diplomacy. And then it was also hit by the sanctions of the United States and the debt burden of Venezuela with China, whose debt service is paid with oil, reducing cash flow. Now that sanctions have been relaxed by the United States, PDVSA is getting a break and investment opportunities are opening up. PDVSA has what Colombia does not have, oil and Ecopetrol has what PDVSA does not have: capabilities and financial strength.”

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Venezuela according to the Organization of Petroleum Producing Countries (OPEC) In 2022, the country produced an average of 720 million barrels per day, up from 1.2 million barrels in 2021.

Tomás González Estrada has as a reference the analysis of actors in Venezuela in the energy mining industry. “I hear people say that it is a company that has a lot of difficulties. How it has reduced its production. A former minister of Government from Hugo Chávez that there is no excess gas to export to Colombia. PDVS is a company that has deviated from its purpose and is performing other tasks that are not in the energy sector.”

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As for gas, it is not the first time that the two countries have discussed the purchase and sale of gas on the social network Andres CamachoMinister of Mines indicated that Colombia has been importing gas since 2014 and it is used in large quantities for the production of thermal energy. “In 2023, the market offered an average of 183,951 MBTU per day of imported gas through the Caribbean Regasification Company, the tariff value of which is approximately USD 16 per MBTU, much more expensive than gas from Venezuela. If we achieve more competitive prices, this will significantly reduce the cost of thermal energy generation for the country.

Source: El heraldo