Oil production will continue to fall. The National Government estimated it for the financial plan for 2017 and some days ago, Mauricio Cárdenas, Minister of Finance, presented this plan.
According to the most recent audit report from the General Comptroller, royalties left by oil production and extraction in Colombia were not used in the best way by 17 departments and 22 municipalities.
Ecopetrol and Putumayo’s Chamber of Commerce invested to improve competitiveness in science and technology and Bancoldex and Norte de Santander’s tourism sector are rehabilitating fuel smugglers. These and other Corporate Social Responsibility (CSR) projects in our periodic summary.
The panorama presented by the Regional Economic Bulletin (BER) for the departments of Meta, Casanare, Amazonas, Guainía, Guaviare, Vaupés and Vichada, corresponding to 3Q16 was not very encouraging. 2017 will bring big challenges for Colombia’s southeastern region’s economy.
W Radio reports that the National Agency of Environmental Licensing (ANLA) denied an environmental license to Gran Tierra Energy (TSX: GTE) for exploratory work in Orito, Putumayo.
Total security incidents dropped yet again in December 2016 but that was due to a fall-off in Armed Forces activities, not reduced guerrilla action.
BioEnergy ended 2016 with good news: they had produced their first liter of ethanol in 10 years, after the construction of the Alcaraván plant in Puerto López, Meta. However, the General Comptroller announced that the plant is an unfeasible project.
The graph shows annual average prices for WTI and Brent in US$. Despite the ‘good feelings’ we have all had since November, the average price for 2016 was below that of 2015.
Implementing the peace agreement with the Farc will occupy much time with the Congress and Senate this coming quarter. There will probably be little time for anything else.
The Government seeks to reactivate gas exploration and production in the country, so it has initiated the Transitional Plan for the Supply of Natural Gas. This includes seven projects that aim to strengthen gas infrastructure at a national level.
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