Gilson Ribeiro, Manager of Chevron’s (NYSE: CVX) Fuels and Lubricants for Colombia and Central America said the Colombian fuel market has not seen big changes like the ones that are coming now that ExxonMobil (NYSE:XOM) is leaving the country after 50 or 60 years.
The current oil price environment revives the possibility of doing fracking in the country. Oil prices have risen and their behavior has been steady in recent months. The government is preparing regulations to allow this practice in the country.
January 31st will be a crucial date for the implementation of the peace agreements because all Farc combatants are supposed in specific rural zones as a prelude to their effective demobilization. However, seems like the peace agreements’ implementation via ‘fast track’ will not be as fast as the government had anticipated.
Juan Manuel Santos, President of Colombia, signed a decree to approve the royalties’ budget for 2017-2018. Colombian departments can use the money for priority investment projects.
The last two years have been difficult for oil industry because of low oil prices and social issues. This caused many projects to stop and investments to fall. Nevertheless, the Colombian Petroleum Association (ACP) believes that investment levels will increase this year.
Colombian media reported the country has one of the most expensive production processes in the world.
Communities in Casanare, Meta and Barrancabermeja had altercations with Ecopetrol (NYSE: EC) and Pacific Exploration and Production’s (TSX: PEN) staff, alleging the companies are not hiring local workers to develop their projects, and Promigas awarded full scholarships for students of the Caribbean region. These and other Corporate Social Responsibility (CSR) projects in our periodic summary.
The department of Santander has a new high-tech oil and gas laboratory. The Santander Technologies Unit is leading this important project.
Gran Tierra (TSX:GTE) is first out of the gate for Colombia-focused companies with its year-end 2016 reserves report. The growth was substantial, helped by higher oil prices, exploration and acquisitions.
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