We came across the National Planning Department’s detailed royalty budget for 2023 – 2024 (a two-year budget) and a bit of analysis got us thinking about what drives the allocation. The simple pie-chart illustrates some of the key points but we did some more sophisticated work to show the main levers.
Despite recent statements by Finance Minister Ricardo Bonilla (MinHacienda), Colombia’s oil production is projected to fall short of the 1,000mbd mark.
In May, some municipalities in Santander, including those in the metropolitan area of Bucaramanga, saw their household gas bills surge by up to 53%. This significant increase prompted the Energy and Gas Regulatory Commission (CREG) to clarify on this issue.
Natural gas has played a vital role in the social and economic transformation of Colombia, providing an essential public service that enhances the quality of life for over 36 million citizens, or 12 million households.
Ecopetrol (NYSE: EC) reported the economic losses due to the oil theft and attacks against oil infrastructure.
Colombia’s Minister of Mines and Energy (MinEnergia), Omar Andrés Camacho, provided details about the upcoming increases in fuel prices, focusing particularly on diesel.
Carlos Grateron, Technical Director of the National Federation of Biofuels (Fedebiocombustibles), declared that Colombia leads the world in carbon footprint reduction.
Luis Carlos Reyes, the newly appointed Minister of Commerce, Industry, and Tourism (MinComercio), outlined his key priorities.
Colombia’s state-owned oil company, Ecopetrol S.A., is grappling with increasing debt pressures, exacerbated by the government’s demands for higher shareholder payouts and continued investment in the face of economic challenges.
After a long run of revaluation, the Colombian peso has devalued over 7% just since the beginning of June. That got us thinking again about oil prices, specifically Brent, in pesos versus dollars.
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