A few weeks ago, the National Hydrocarbons Agency (“ANH”) published its new model contract for offshore exploration and production activities. Although some parameters are specific to offshore, others reflect how the Agency’s thinking has evolved since 2014, the last time it held a block auction to award offshore areas. Norton Rose Fulbright Colombia’s oil & gas team volunteered to write this summary.
The country showed a decrease in its economic growth in 2017, but the recovery of oil prices has generated positive expectations for this year. Juan Manuel Santos, President of Colombia, could end his administration with signs of economic recovery.
The National Hydrocarbons Agency (ANH) planned to carry out seismic research in Boyacá, but the public became convinced that the project would lead to fracking, generating a great discussion and social unrest. The ANH is said to have decided to suspend the project.
According to the NOC’s representatives, Ecopetrol (NYSE:EC) modified its management structure to align it with its current stage of growth and competitiveness.
The Extractive Industry Transparency Initiative (EITI) confirmed that Colombia is the first country in the continent to reach the ‘satisfactory progress’ category.
The National Administrative Department of Statistics (DANE) reported the value of Colombian exports in May. This increased compared to the same period last year and the extractive sector played a key role in this behavior.
The outlook for the Oil Saving and Stabilization Fund (FAEP) and the Fuel Price Stabilization Fund (FEPC) in the short and medium term is not encouraging, according to projections by the Ministry of Finance (MinHacienda).
Oil companies have to face many challenges to operate in Colombia, while other countries in the region open their doors with attractive conditions and it seems like Mexico is attracting the interest of several companies operating in Colombia.
The National Army and the Police spoke about successful operations against FARC dissidents and ELN members in Arauca, Casanare and Nariño. The development of these and other stories in our periodic Security summary.
The Colombian government created the ‘Green Growth Mission’ to create sustainable development. Brice Lalonde, Ex-Minister of the Environment in France and Executive Coordinator of the United Nations Conference on Sustainable Development, spoke about the country’s challenges in this area.
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