News and AnalysIs for

The continuous increase in fuels price generates discontent in the majority of the population in Colombia. The government gives no justification or few explanations for increased prices. National business newspaper La Republica conducted a survey of fuel prices in Bogotá service stations.

The Audience took place in Yopal, where Gran Tierra (TSX: GTE) presented a proposal supported by Orinoquia’s Regional Autonomous Corporation (Corporinoquia).

GeoPark (NYSE: GPRK), Equión and Ecopetrol (NYSE:EC), among others, reported on their social investment projects in the departments of Casanare, Meta and Santander.These and other Corporate Social Responsibility (CSR) stories in our periodic summary.

Most of the General System of Royalties (SGR) budget goes to the areas of infrastructure, education, culture, sport and recreation, mines and energy, and agriculture.

The offshore sector is the great hope of the Colombian government to guarantee self-sufficiency in the long term (at least in gas). Authorities are working on the regulation to approve the development of these projects and Luis Gilberto Murillo, MinAmbiente, spoke on this topic.

Undoubtedly, the big news this week is the prospect of peace with the ELN. I have been a skeptic but this week’s announcement of a bilateral ceasefire changes the odds.

The ELN guerrilla has launched many attacks against the oil infrastructure. The peace process with this guerrilla is progressing and the sector is benefiting greatly from this.

Last week, the oil sector welcomed the announcement by the government and the ELN to agree on a bilateral ceasefire. USO spoke about this subject.

Representatives of the oil sector met with the President of Colombia Juan Manuel Santos and senior government officials to talk about the industry.

The National Environmental Licensing Authority (ANLA) hosted a public hearing to discuss the proposal for exploratory activities in the Marteja area, which has influence on the municipalities of San Vicente de Chucurí, Barrancabermeja and El Carmen de Chucurí (Santander).