Iván Duque, President of Colombia, pledged to promote the development of the oil sector in Colombia and his government has taken several steps to achieve it. Luis Miguel Morelli, President of the National Hydrocarbons Agency (ANH), spoke on this topic.
The government agreed to modify the National Development Plan (PND), including an article that could lower the Value Added Tax (VAT) on gasoline and diesel. Will this impact gasoline prices?
Frontera Energy Corporation (TSX: FEC) announced its first quarter 2019 operational update. Colombia production in the 1Q19 increased, being the highest since 4Q17 in the country. The firm’s drilling campaign is advancing satisfactorily in the country.
Representatives of the sector talked about the relevance of unconventional deposits to considerably increase reserve and production metrics.
Opinions on the development of fracking in Colombia are still divided, but this might be the ‘missing piece of the puzzle’ to assure a healthy debate on the matter.
Alejandro Robledo, manager at the Busscar vehicle manufacturing company, spoke about the benefits that the new TransMilenio fleet will have on Bogotá’s air quality.
Natural gas has been one of the main topics of discussion this year due to its positive growth prospects in the medium and long term. However, the country cannot cover the growing demand for this fuel, forcing to import it.
Even though terrorist attacks against oil infrastructure have decreased this year compared to the same period 2018, they have taken place in more complex places, geographically speaking.
The government announced a propane deficit for 2019, after Ecopetrol (NYSE: EC) reduced its supply for the first semester of the year. But Gasnova thinks the panorama will be much more promising as of July.
The Colombian government announced the terms of reference for the Permanent Competitive Process (PPAA), generating high expectations in the oil sector. The companies have shown their interest in developing oil projects in new regions of the country.
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