Oil prices have been recovering this year, improving the country’s finances due to higher revenues of industry firms. The government wants to leverage the situation.
The possible loss of oil self-sufficiency has been one of the main issues discussed in Colombia during last years. The development of unconventional deposits is one of the most attractive alternatives to solve this concern and the sector is ready to move forward on this issue.
The guerrilla kidnapped six people in Chocó, and, as usual, it is blaming the government for the fact that the hostages have not been released yet.
Felipe Bayón, CEO of Ecopetrol (NYSE: EC), talked about the company’s plans to increase its reserves. The NOC has a solid cash position at present, allowing it to look at several business opportunities.
The oil sector has proposed the implementation of unconventional techniques to increase reserves, but this alternative has generated much concern and controversies. Communities are taking legal actions to prohibit techniques such as fracking in Colombia.
Juan Carlos Rodríguez, president of the Colombian Federation of Freight Transporters and Logistics (Colfecar), spoke about the challenges of the truckers’ sector in Colombia.
Ocensa, Repsol (MSE: REP) and Equion updated on the development of successful social investment projects in their areas of influence. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
Ecopetrol’s (NYSE: EC) reported its exports metrics for the second quarter of 2018. ECP export distribution is changing, but the United States remains as the principal destination of Colombian crude. The company reported a decrease in this metric compared to previous year, but it increased compared to 1Q18.
Much recent political and media activity surrounded a referendum asking Colombians to vote on seven proposals thought to control corruption. The vote was held yesterday and while it failed to achieve the necessary number of votes to be legally binding, participation was significant and so could impact the broader political landscape.
Colombia’s Natural Gas Association (Naturgas) continued its campaign to promote the use of VNG in the country. Industry experts, however, questioned the viability of the Association’s proposal.
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