Barry Larson is well known to the Colombian industry from his time at Parex (TSX:PXT) and now has one of the highest-profile jobs in the industry: trying to convince investors that Frontera Energy Corporation (TSX:FEC) (formerly Pacific Exploration and Production (TSX:PEN)) is not the same as Pacific Rubiales from whose ashes the new company arose.
Now Part 2 of our ongoing series written by Leopoldo Olavarría and the team at Norton Rose Fulbright on Agreement 2, the National Hydrocarbons Agency’s (ANH) rewrite of the rules for block assignment and contracting.
Colombia’s General Controller (GC) recently told the press that the country will lose its self-sufficiency in oil by 2023.
As usual, the union expressed its non-conformity with Ecopetrol’s (NYSE:EC) management decisions, and said that the implementation of Decree 1668 of 2016 unleashed a social crisis in Sabana de Torres and Huila.
The relationship between communities and the oil industry is complicated in Colombia. Casanare is one of the main producing departments and several communal leaders met to analyze the current situation.
Security and Public OrderEven though ELN’s representatives said that dialogues in Quito are in no more than an “exploratory phase,” the government and the guerrilla announced the creation of a Fund for Peace Negotiations to distribute the International aid that has been received for Quito’s peace talks.
The National Environmental Licensing Authority (ANLA) participated in the first water monitoring workshop 2017-2018, organized by the Canadian Corporation and the Agri team Foundation. Plans were announced to strengthen the sector.
Colombia´s Central Bank has not published Foreign Direct Investment (FDI) figures for 1Q17, but we show petroleum FDI and RRR during 2016. Social environment has increase legal uncertainty in the industry and it could affect the performance of these metrics this year.
As of August, the NOC’s tanker trucks will not be able to enter directly into the city and Ecopetrol (NYSE: EC) will have to search for an alternative route.
The Comptroller General proposed changing the gasoline price policy in the country. It generated an interesting discussion.
2026, Hydrocarbons Colombia, All Rights Reserved.
