Social investment in the oil sector has evolved into a mechanism that allows the integration of environmental and social factors for the benefit of communities.
We are only publishing Ecopetrol’s (NYSE:EC) overall results today but we thought we would get a jump on the analysis by publishing the NOC’s Line of Business results simultaneously.
There was a 50’s game show called ‘Truth or consequences’ and I was reminded of it while reading this week’s announcement on reserves.
The Colombian oil sector faced tough times due to low oil prices and social conflict, but the industry managed to overcome this challenges and it is recovering lost ground. The Ministry of Mines and Energy (MinMinas) and the National Hydrocarbons Agency (ANH) reported Colombia oil reserves in 2017, with positive results.
The ‘Alianza Colombia Libre de Fracking’ Environmental Movement sent a letter to President Juan Manuel Santos, asking him to reject fracking because according to several scientific studies, there is enough information to determine that this practice is harmful for Colombians health.
Colombia is not an oil country, but the resources generated by the sector are vital for the nation’s economy and public finances. The Government had to tighten the belt in recent years, due to low oil prices, but their recovery is generating relief for Colombian authorities.
The Collegiate Bodies for Administration and Decision (OCAD) spoke about projects that were approved in departments like Casanare and Bolívar, but authorities are still concerned about irregularities in the execution of royalty projects throughout the country. These and other stories in our periodic Royalties summary.
Concerns about air quality have grown in recent months in Colombia. The country is looking for alternatives to reduce pollution and Natural Gas Vehicle (NGV) is positioned as one of the best options. The Colombian Natural Gas Association (Naturgas) produced a report on the gas industry in Colombia.
The Colombian Mining Association (ACM) spoke about the sector’s main challenges in Colombia, and asked for a reform to the General Royalty System (SGR).
Representatives of the sector discussed the opportunities in natural gas, unconventional resources, offshore projects and Enhanced Oil Recovery (EOR) at a forum organized by the business paper La Republica.
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