News and AnalysIs for

As the Brent oil price pushed above US$53 on Thursday, there is hope that 2017 will see a recovery of exploration and drilling activity.

Colombia’s Senate and Chamber of Representatives have approved the revised peace agreement between the government and the Farc. The main opposition to the agreement, the Centro Democratico, abstained from the vote, and government officials urge a quick implementation of the accord.

Regulation and PolicyMexico’s oil regulator National Hydrocarbons Commission (CNH) announced a list of 17 oil companies from 12 different countries that have pre-qualified to bid on the country’s first-ever offshore auctions, set for December 5^th 2016.

Ecopetrol (NYSE:EC) said that its 2016 Round to award smaller or non-strategic fields was successful, receiving US$53.4M in bids for assets in Catatumbo, Putumayo, Middle Magdalena and Meta.

Despite questions on the competence of municipalities to decide on the use of their subsoil through “popular consultations”, a number of communities are still moving forward with plans to hold a vote, or resorting to blockades.

Mexico has its own benchmark price that policy-makers and the public look at to see if they are depressed or elated. Colombia does not have that habit – the newspapers and TV still mostly talk about WTI – but if it did, Vasconia would be the prime candidate.

Members of both the senate and chamber of representatives are calling for answers from Ecopetrol (NYSE:EC) on supply issues experienced across the country, and on an imminent cut of subsidies for the service which will affect low income users.

GeoPark Limited (NYSE: GPRK) announced the successful testing of the Jacana 6 appraisal well in the Jacana field in the Llanos 34 Block in Colombia.

Ecopetrol (NYSE) said that November has brought an “onslaught” of attacks and illegal valves affecting the Transandino and Coveñas/Caño Limon pipeline, part of an increased pace of incidents over the last two months.

Weeks after a storm of controversy over the Rubiales field, Puerto Gaitán’s mayor and members of the municipal council have visited the field to confirm that Ecopetrol (NYSE:EC) is indeed hiring local residents and meeting its commitments. This and other Corporate Social Responsibility stories in our periodic summary.