There is optimism about the sector’s performance this year. Oil companies announced good financial and operational resultsduring 1Q17, and Colombian authorities hope to see better results in coming quarters.
ExplorationThe Colombian government is optimistic about the results that offshore projects could give in the Caribbean Sea, especially in gas.
The Ministry of Mines and Energy (MinMinas) announced Colombian oil and gas reserves during 2016. They dropped compared to 2015 and one of the reasons was Ecopetrol’s (NYSE: EC) participation in total reserves in the country.
Fifteen municipalities located in Bolivar and in 10 municipalities of Córdoba, were identified as potential oil producing areas.
Only eight days before the deadline for the delivery of Farc’s weapons, the guerrilla insists on “rescheduling” the rest of the post-conflict activities.
The Constitutional Court ordered the creation of an inter-institutional roundtable to investigate the impacts of mining activities in the country.
Arbeláez (Cundinamarca) may or may not have oil but it does get to have an anti-oil referendum. So does Pasca in the same department. The development of these and more stories in our periodic Eco Summary.
Relations between communities and oil industry are deteriorating every day. This situation is affecting everyone and it seems that there is no solution.
After months of controversy, the General System of Royalties (SGR) was modified to allow the allocation of royalties’ moniesto finance the post conflict process. Separately, thegovernment announced several infrastructure projects in different rural areas of Colombia. These and other stories in our periodic update.
Ecopetrol (NYSE: EC) said one of its largestoil fields has stopped producing. The company went on to say thatblockades and sabotages to La Cira-Infantasfield could affect nearby villages.
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