January, Brent averaged US$55.89 and in February US$56.24, a less than 1% change and identical in percentage terms to the change between January 2017 and December 2016. Yawn!
Huila’s inhabitants showed their rejection against this year’s fuel surcharge in the department.
As a way to protest against the low salaries and lack of health benefits that Ecopetrol (NYSE:EC) allegedly imposed to its workers, USO announced a ‘national mobilization and protest day’. The Union also denounced supposed threats against its Magdalena Medio leaders, and reported it is currently mediating between the NOC and communities in Putumayo.
Three tax experts from Bogotá-based law firm Briggard & Urrutia gave us their opinions on the impact of the December 2016 Tax Reform on oil and gas companies.
Security incidents near oil and gas infrastructure went up slightly last month (by one) and the ELN remains the protagonist.
Ecopetrol (NYSE: EC) begins the year with several challenges to face and overcome. The company expects to start recovering after two difficult years. With an oil price above US$50, prospects are more optimistic.
Liberal Senator Luis Fernando Velasco, expressed his rejection towards this year’s fuel surcharge, which he classified as “illegal and unfair” to Colombians’ finances.
Seems like the ‘Fast-Track’ has been anything but fast so far, since the Minister of Interior had to mediate between the political parties to give the mechanism an extra boost, and the ELN accepted its responsibility in last week’s terrorist attacks in Bogotá.
The crude price fall caused large reductions in budgets and investments worldwide. Oil firms are beginning to recover from this period and so they are investing again. The increase in Ecopetrol’s investment budget is the highest in the world.
The enhanced oil recovery strategy to increase production in the country and fields profitability is being successful. Ecopetrol (NYSE: ECP) has announced that several projects are going well.
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