Following a high level cabinet meeting with Ecopetrol lawyers, the government says that the recent Constitutional Court ruling only affects how it finances the Price Stabilization Fund, not the ability of the executive branch to fix fuel prices at the pump.
Casanare’s local paper published a succinct editorial offering a word of caution for residents and a warning for politicians: The boon days of oil royalties are gone so you had better be careful how the money is spent.
The recently appointed director of the National Planning Department (DNP) Tatyana Orozco defended the General Royalty System against recent criticism, saying that they are responsible for “works materializing in all of the regions”.
Promoting dialogue, attending to the community’s concerns and helping to resolve problems which affect residents is part of Ecopetrol’s (NYSE:EC) mission says its VP of HSE and sustainable operations, Óscar Villadiego. If only it was that easy.
The major development related to the General Royalty System (SGR) in September was the arrival of a new director of its overseeing entity, the National Planning Department. Tatyana Orozco took the post September 11, 2013 to a backdrop of questions and criticism of royalty delays.
The Bicentennial Pipeline (OBC), along with military personnel, civil authorities, Ecopetrol (NYSE:EC) delegates and aid organizations simulated an oil spill in order to identify readiness in the case of an actual emergency.
Ecopetrol (NYSE:EC) says that it has started a two week study into the seafloor of the RC-9 offshore block in the Department of La Guajira, emphasizing that it is following the procedures required to start exploratory drilling.
In Monterrey protestors have blocked access to a pumping station while in Paz de Ariporo a blockade of Grupo Carso’s oil producer Tabasco Oil reaches a 45 day milestone.
Two weeks after reaching a collective agreement with the contractor in charge of the expansion construction of the Cartagena Refinery (Reficar), CB&I (NYSE:CB&I) the USO says now the firm is engaging in anti-union practices that could even warrant its expulsion from Colombia.
Incidents near areas of interest to the oil and gas industry were down this week at 21 well below recent and long-term averages. This was a below average week for non-armed forces reported/guerrilla-initiated incidents. Our 4-week Moving Average incident count dropped to 29.3 but the 52 week average dropped to was stable at 35.3 incidents per week.
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