The Sinu San Jacinto bid round was announced with great fanfare on September 12th, 2017. The auction was supposed to have completed before the end of that year. Now, quietly, the date keeps slipping.
Recent movements in oil prices and in the Colombian peso have us asking again about whether higher oil prices lead to a stronger Colombian peso.
Oil prices have stabilized allowing the reactivation of investments, but these are low compared to prior years’ levels. However, the government has a plan to encourage more exploration investments, taking advantage of a better price environment.
Social problems in the department of Meta have shut-in important oil blocks for the country. Local and national authorities met to find a solution to this problem as soon as possible.
Deputy Minister of Mines and Energy, Carlos Cante, is currently in Oslo (Norway) participating in the Extractive Industries Transparency Initiative (EITI) summit.
Social unrest has increased substantially in different oil fields. Some companies have reported blockades and attacks against their infrastructure and workers, and USO spoke about the situation.
The president of the National Hydrocarbons Agency (ANH), Orlando Velandia, spoke about oil prices, production targets and other industry metrics for this year.
Ecopetrol (NYSE: ECP) is facing a difficult situation in southern Meta as a result of social protests. The hooded protestors say they want more local contracting and the company responded to these demands.
The Ministry of Mines and Energy (MinMinas) spoke about its alliance with the Colombian office of the United Nations Development Program (UNDP), to improve the industry-communities relationship.
Social conflict directed against the oil industry in Colombia is causing headaches this year. Parex Resources Ltda (TSX: PXT) reported problems in one of its blocks in the department of Casanare.
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