News and AnalysIs for

CEO Felipe Bayón explained that the NOC’s biggest challenge is to produce 600mmbbl in 2020, for which it will focus on exploration, Enhanced Oil Recovery (EOR) and unconventional resources (UC).

Local journalists insist on the fact that resources from the General System of Royalties (SGR) that are given to Casanare’s government need to be monitored, arguing that there are clear signs of corruption. These and other stories in our periodic Royalties summary.

Oil companies consider that deducting royalties’ payments from their taxes is not a ’loophole’, despite the ruling by the State Council and declarations by politicians.

Valueskies announced its intention to build several bio-refineries in the country. Company representative Laura Ramírez spoke about the firm’s goals in Colombia.

According to the Regional Autonomous Corporation of the Sinú and San Jorge Valleys (CVS), the spill was caused by a leak of about 13 barrels at Ocensa’s station in Coveñas (Sucre). The development of these and more stories in our periodic Eco summary.

The Colombian oil sector was able to overcome the oil crisis, but there is still uncertainty about low oil reserves. Germán Espinosa, President of the Colombian Chamber of Goods and Services (Campetrol) spoke about this topic.

The sector is concerned about its future and several representatives have shown their interest in implementing new techniques such as fracking in Colombia. This has generated a huge debate in the country, but the government does not take a clear position on the issue

The Council of State ruled a dispute that, according to the plaintiffs, had prevented Colombia from receiving at least CoP$12T in taxes.

Ecopetrol (NYSE: EC) is looking to expand its international presence in the region, and the company announced a new alliance for exploration and production in the Americas.

Hard to believe but this is our fifth anniversary. Our website came up in late October of 2012 and our first daily newsletter dates from that time as well.