With less than two months left in this government, the most important measure from the package announced in September 2015 is not going to happen. The bureaucrats have effectively killed the idea of permanent block assignments by avoiding doing anything before time expired.
Canacol (TSX: CNE) and Arrow Exploration Ltd. announced an agreement on certain Colombian oil assets. In addition, Arrow announced other agreements with Front Range Resources Ltd. and Samaria APA to enter in the Colombian market.
As the Santos Government comes to a close, we are back to the ‘Everything is awesome!!!’ campaign, this time with respect to royalties. It did not convince us last time and although the evidence is compelling, we do not agree with the evaluation criterion, so we remain unconvinced.
The Ministry of Mines and Energy (MinMinas) announced fuel prices for June this year. As expected, these increased and the entity explained the reasons for the new rise.
The National Administrative Department of Statistics (DANE) reported Colombian exports value in April. It increased compared to the same period last year and the extractive sector played a key role in this behavior.
The current collective agreement will lapse at the end of June and that means time for the once-every-four-years spectacle of a USO / Ecopetrol (NYSE:EC) bargaining session.
US ethanol imports totaled 27% of demand in February causing inventories by local producers to use almost all of their storage capacity. Industry association FedeBiocombustibles says American production has a 30% government subsidy and they cannot compete.
Canada’s New Stratus Inc. announced an agreement to acquire an oil company with important assets and participation in oil fields in Colombia.
In a wide-ranging interview with RCN Radio, leading Presidential candidate Iván Duque said he would save oil industry income from good years to have a reserve for the bad ones.
Julio Cesar Vera, President of the Colombian Association of Petroleum Engineers (Acipet), spoke about the current situation of the industry in Colombia, its relationship with communities and oil prices in an interview with La Silla Vacía.
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