Colombia is not an oil country but depends on it economically. The nation’s exports have fallen for four consecutive years because of the oil crisis. In recent months, this item reported growth, again thanks to oil.
Initiatives to grant more royalties to oil-producing regions have been successful; projects will benefit the departments of Meta, Casanare, Nariño and Tolima, but irregularities regarding royalties’ management in Meta and Boyacá remain a cause for concern among authorities. These and other stories in our periodic summary.
Parex Resources Inc. (TSX: PXT) announced its annual reserves assessment as at December 31, 2016. The company reported a significant increase in its reserves for the seventh consecutive year. This keeps the growth trend of reserves of Colombia producers which have reported. GLJ prepared the reserves report.
The NOC wants to achieve 715mbd in production, as well as increase exploration in Colombia and Mexico, where last year the Warrior discovery took place.
The National Environmental Licensing Authority’s (ANLA) decision to deny — for the second time — the license for the Cañafisto hydroelectric plant’s construction, aroused controversy among investors.
Ecopetrol (NYSE: EC) has been strengthening its transport business in recent years. The Colombian company has great plans for this corporate area since it has become one of the most profitable.
Geopark (NYSE: GPRK) announces record oil and gas reserves. The data was certified by DeGolyer and MacNaughton (D&M) as of December 31, 2016.
Not hiring local labor remains a cause for discontent in Magdalena Medio and Meta, but the industry is showing its commitment to the country by developing several infrastructure and social projects in rural Yondó, Puerto Gaitán, several municipalities in Casanare and the Caribbean and Pacific regions. These and other Corporate Social Responsibility (CSR) projects in our periodic summary.
Fuel prices started the year with an increase because of the tax reform that added a new tax. The determination of prices is an issue that provokes protests and blockades in the country.
The Energy and Gas Regulation Commission (CREG) released its management and results report for 2016. Last December CREG gave us a global balance for the year. This report goes into more detail on the regulated sectors. We will focus on Natural Gas and Propane.
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