During a meeting, the National Hydrocarbons Agency (ANH), the Colombian Armed Forces and operating companies of the industry, presented the results of a strategic alliance between the industry and the military.
Ecopetrol (NYSE: EC) reported its reserves as of December 31, 2016, declaring yet another a decrease this time compared to 2015. The Reserves Life Index (RLI), as expected, also fell. Ryder Scott Company and DeGolyer & MacNaughton audited the majority of reserves (99%).
Although the government has been promoting the diversification of Colombia’s economy since last year, the new president of the Colombian Chamber of Petroleum Goods and Services (Campetrol), Germán Espinosa, said the country should not stop investing in the industry because it has considerably boosted its economy.
The National Administrative Department of Statistics (DANE) released data on industrial production growth in 2016 compared to 2015. The fuel and refining sector reported the largest increase.
The International Gas Transport Company (TGI) celebrated its 25th anniversary and announced through a press statement that its plan for 2017 includes investments in infrastructure.
We normally look at “Top 10 Oil producers” and “Top 10 gas producers” separately so this time we thought we would combine the list.
Colombia is not an oil-country but has the potential to be self-sustaining in the medium and long term, according to a study of the Geo Sciences Department of the National University. Carlos Alberto Vargas Jiménez led this research.
President Juan Manuel Santos said the High Councilor for the Regions, Carlos Correa, proposed making the General System of Royalties (SGR) more flexible and with this, allow infrastructure projects that are being developed in the regions be done with more agility.
The Colombian Chamber of Petroleum Goods and Services (Campetrol) organized a workshop to talk about tax reform. HCC was present at the event; we have a brief summary of the meeting.
This week, USO celebrated the fact that Cartagena’s Court decided to stop a legal process against one of its leaders, as well as the sanction that was levied on Ecopetrol (NYSE: EC) for allegedly imposing a ’voluntary agreement’ on its workers. However, events such as the protests in Nuevo Córdoba and the arrest orders against leaders from 2016’s tanker strikes remain a cause for concern to the Union leaders.
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