Before the holidays, MinHacienda Ricardo Bonilla, MinEnergia Andrés Camacho and Ecopetrol CEO Ricardo Roa went to Congress to explain to the Fifth Commission of the Lower House the deal between Ecopetrol and Venezuela’s PDVSA. The NOC leadership estimates a gas shortfall in 2024 of at least 10% meaning importing would be inevitable anyway.
Colombian investment bank Corficolombiano made the estimate based on assumptions about the NOC’s production and oil prices. The figure includes dividends, taxes and royalties.
To no one’s surprise, we hope, MinHacienda Ricardo Bonilla has asked Colombia’s Constitutional Court to review its decision from last November on royalty deductibility.
Theoretically, production should be up by an additional 0.3% thanks to an extra day in February. For crude that could be another 775,000 barrels and over US$60M in additional industry revenue! This and other more useful forecasts in our annual review.
Over the holiday period, we continued to monitor the Colombian press for articles on the oil and gas industry. Some will appear as standalone articles in the coming days, but we also found the following items interesting and relevant. Most concern Ecopetrol.
The end of December and time for our monthly review of how the peace process has evolved. Frankly, poorly, but it was a light month as everyone got ready for the holidays: even guerrilla want to be home for Christmas it seems. But I also thought it time to look back at the year leveraging a statistical analysis by Indepaz as well as our own database.
The Colombian Presidency outlined the government members’ contributions and key accomplishments during COP28.
GeoPark (NYSE: GPRK) is celebrating the declaration of the Serranía de Manacacías National Natural Park by the National Government of Colombia.
The Ecopetrol Group (NYSE: EC) announced an initiative to expand natural gas service to approximately 20,000 households in the Arauca department and Cubará, Boyacá, in Colombia.
For eight consecutive months, the cost of living in Colombia has been on a downward trend.
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