News and AnalysIs for

The price of the oil exported by Colombia went up to US$60 and Ecopetrol’s (NYSE: EC) share increased 24% in just a month.

Even though theCollegiate Body for Administration and Decision (OCAD) approved projects in Putumayo, Bolívar and Huila, the National Planning Department (DNP) warned about projects being at risk due to significant delays. These and other stories in our periodic Royalties summary.

The municipality announced that it will go to the courts if Ecopetrol (NYSE: EC) does not respond for the alleged debt.

Recently, the State Council issued a confusing ruling on the deductibility of royalty payments, especially those paid with respect to concession contracts for the extractive sector.

Downstream Demand and PricingFuel retailers are facing several problems at present, which is affecting their income. Joaquín Franco, Executive Director of Fendipetroleo, spoke about this situation.

The oil sector in Colombia faces a lot of uncertainty because of social unrest. Those against the industry argue that it does not contribute to rural development, but a study by the Colombian Petroleum Association (ACP) shows the opposite.

After two years of investigations and complaints from different supplier companies, the Superintendence of Industry and Commerce (SIC) formulated charges against Postobon, Cerrejón, Procter & Gamble (P&G) and Equión Energy, for allegedly restricting the free circulation of invoices.

The union spoke about the strike that workers are currently developing at Occidental de Colombia’s (OXY) wells in Arauca, and called for the company to respect the Collective Labor Convention (CCT).

ProductionParex (TSX: PXT) announced its financial and operating results for the third quarter of 2017. The firm reported successfully drilled wells once again, oil production growth and positive net income.

The Canadian Colombian Chamber of Commerce (CCCC) hosted the ‘Regulatory Perspectives for the Energy Mining Sector’ forum. HCC attended the event.