The executive director of the National Federation of Departments, Amylkar Acosta supported calls from the Colombian Petroleum Association (ACP) to President Juan Manuel Santos to reform the General Royalty System, and said it would contribute to neutralizing growing social conflict. This and other royalty related stories in our periodic summary.
Six areas in the “Orinoco belt” — which occupies the foothills of the Llanos on the borders of Meta and Guaviare — look to extract up to 10M barrels over the next 10 years.
The Colombian Petroleum Association published a statement summarizing some of the main conclusions from its annual congress and said that if the oil industry’s success came after a reform; the price drop offers another opportunity for further reform.
Before any of the companies carrying out offshore exploration can start producing hydrocarbons a regulatory model for the activity must be put in place to allow the activity, according to the general director of the Maritime Authority (Dimar) Vice Admiral Pablo Emilio Romero.
“It was as if God had decided to put to the test every capacity for surprise and was keeping the inhabitants of Macondo in a permanent alteration between excitement and disappointment, doubt and revelation, to such an extreme that no one knew for certain where the limits of reality lay.”
We have updated our Colombian share price index and while the average picture looks good (see graph), that is almost entirely due to Parex (TSX:PXT).
Despite the loss of the ‘yes’ vote the USO said it continues to support the peace agreement said that process cannot be undone. The union also called for a “spirit of reconciliation” from the supporters of ‘no’.
Ecopetrol (NYSE:EC) has launched its new business plan through 2020, with a renewed focus on exploration and production and an estimated US$13B investment plan.
The Minister of Mines and Energy Germán Arce detailed the measures being taken by the government to attract new investment for the sector, which the ministry believes could bring in an additional US$6.5B in investment for hydrocarbons and mining.
The Inspector General’s office issued a statement on the growing trend of public referendums to reject hydrocarbons production at the municipal level, and said that these are costly, the competence of the state and affect investment for social and economic development.
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