The hopes of the Colombian government are in offshore projects to guarantee the country’ self-sufficiency. Juan Manuel Santos, President of Colombia, spoke about the level of offshore investments in Colombia.
The boom of anti-oil and mining referendums has created a lot of legal uncertainty in Colombia. The government aims to regulate this mechanism, but several associations have come out against this intention.
The Canadian Chamber of Commerce together with Norton Rose Fulbright, hosted an event to discuss the industry’s situation in the world and the impact of Agreement 02 in Colombia. National Hydrocarbons Agency (ANH), Canacol (TSX: CNE) and Parex (TSE: PXT) representatives attended the event.
Ecopetrol (NYSE:EC), Mansarovar Energy, Hocol and Occidental de Colombia (OXY) reiterated their commitment to social investment programs in Colombia and helping communities in Casanare,Puerto Boyacá and Meta among others. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
The oil industry has repeatedly said that the development of Unconventional Deposits (UC) is the way to guarantee self-sufficiency in the long term. The Ministry of Environment (MinAmbiente) and the Ministry of Mines and Energy (MinMinas) have different views on this issue.
The Colombian Association of Petroleum Engineers (Acipet) held a press conference in Bogotá and Julio Cesar Vera, President of Acipet, highlighted the association’s actions to boost the industry.
Canacol Energy Ltd. (TSX: CNE) announced that a test to develop its Picoplata 1 well through hydraulic stimulation was successfully completed.
This week we got the July crude oil production results (earlier than last month at least) and while the official press release focused on year-over-year growth, I think we are flat, becalmed in the ‘mid-850s’ doldrums.
The union spoke about Felipe Bayón designation as Ecopetrol’s (NYSE:EC) new president, and reiterated that their agenda will remain intact despite changes in the NOC’s administration.
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