Speakers offer contrasting views of national oil companies

Colombia and Mexico offer revealing contrasts on management and performance of national oil companies. In morning plenary sessions at IHS CERA Week Mar. 6, energy leaders from both countries reviewed performances of their state-owned oil companies—Ecopetrol in Colombia and Pemex in Mexico. Ecopetrol, said Colombian Minister of Mines & Energy Mauricio Cardenas, was segregated from public finance under reforms begun in 2008 and since then has doubled its oil production, now approaching 1 million b/d. While still paying taxes and making other payments to a government that retains 88.5% ownership, the company is managed for profitability like a privately owned company and has American dep...

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