News and AnalysIs for

Some publicly traded E&P companies used to complain about a “Colombia discount” believing that investors undervalued their shares because of perceived defects in the Colombian environment (usually the ‘unholy Trinity’ of security, social conflict and environmental licensing).

The Coveñas Caño Limón (CCL) pipeline has been the main target of terrorist attacks in recent years by illegal groups, mainly the ELN. This illegal group reactivated the attacks against CCL just hours after the bilateral ceasefire expired.

Of the 54 pending consultations, only ninehave been promoted by locals in oil producing regions; five are being promoted by Mayors; threeby councilors and four by one citizen.

Investigations on the Reficar scandal are ongoing in Colombia. A judge made a decision about two former directors investigated in this legal process.

Ecopetrol’s (NYSE:EC) Manager of Social Prosperity, Francisco Noguera, announced social projects that represent investments of more than CoP$15.7B for the municipalities of Aguazul and Tauramena (Casanare).These and other Corporate Social Responsibility (CSR) stories in our periodic summary.

The Ministry of Mines and Energy (MinMinas) announced fuel prices for January 2018. The ministry started the year with conservative measures, as there were no substantive changes.

Gran Tierra Energy (NYSE: GTE) announced its 2018 capital Budget and production guidance. The company is optimistic about this year’s performance in Colombia.

As we said last week, the ELN attacked oil infrastructure in the departments of Arauca, Casanare and Boyacá, only hours after the bilateral ceasefire ended. Ecopetrol (NYSE:EC) spoke about the measures that it took to face the environmental emergencies caused by the armed group.

The Minister of Mines and Energy, Germán Arce Zapata, spoke about the projects of the General System of Royalties (SGR) that were approved in December of 2017 by the Collegiate Organs of Administration and Decision (OCAD), in the session known as ‘odcatón.’ These and other stories in our periodic Royalties summary.

The Ministry of Mines and Energy (MinMinas) reported annual oil and gas production figures in the country for 2017. The entity highlighted that this metric is above the target for the medium-term, but it decreased compared to 2016.