ECOPETROL


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AcronymDefinition
ECOPETROLEmpresa Colombiana de Petroleos (Colombia)
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It allows Ecopetrol to book around 160 MMboe of proved undeveloped reserves at transaction closing.
Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America.
Fluor Corporation (NYSE:FLR) revealed on Tuesday that Stork, part of the company's Diversified Services segment, together with its consortium partners has won a four year framework agreement for plant turnaround services by Ecopetrol SA for its Barrancabermeja and Cartagena refineries in Colombia.
Ecopetrol's growth strategy, associated capex plan and cash flow generation ability are considered adequate for the company's credit quality.
Caption: Alejandro Porras, Corporate Treasury Director, Ecopetrol
Over the past year, Ecopetrol shares are down 55% in dollar terms, the worst performance among global oil drillers with a market capitalization over $10 billion.
The closure of the 780-kilometer Cano Limon-Covenas pipeline owned by Ecopetrol did not immediately affect exports or oil production by U.S.
Rafael Guzman, technical and development vice-president of Ecopetrol said: "We recognise the UK as a leading exponent of services to the oil and gas industry."