Pacific E&P published its second quarter 2016 results, which saw a decrease in production and revenues as the firm’s future awaits its ongoing restructuring process. These results marked its last quarterly report that will include the Rubiales field.
The outgoing president of the Colombian Natural Gas Association (Naturgas) Eduardo Pizano warned that a series of changes that the Energy and Gas Regulation Commission (CREG) has made to distrubtion regulation will halt investment. He also gave details on the reasons for his departure from the entity.
The Colombian Chamber of Oil Goods and Services (Campetrol) expressed its concerns that concentration zones designed to house Farc members include a number of oil producing municipalities, even though the government has said it would avoid parks, mining operations, borders or indigenous zones.
The government and Farc have announced the protocols to be used to implement the bilateral and definitive ceasefire and the laying down of arms. But a recent poll shows an alarming increase in pessimism regarding the process and that if held today, a “no” vote would win in a plebiscite.
Parex Resources (TSX:PXT) saw a slight sequential increase in oil production during the second quarter of 2016, and shrunk its loss, nearing the breakeven point.
A project being carried by Equion and the Colombian Agency for Reintegration (ACR) was recognized in the Latinoamérica Verde awards, and the Ministry of Environment will investigate the impact of oil spills in Tumaco. These and other environmental stories in our periodic summary.
Colombia’s central bank updated its official numbers for Foreign Direct Investment (FDI) in the petroleum sector and there is good news and bad news.
The Colombian Petroleum Association (ACP) offered up its most detailed defense of fracking in Colombia as one of the important strategies for growth in production in the near future, saying “it is nothing new and can be done safely”.
The Labor Minister Clara López has warned that a profound labor crisis is affecting the departments of Meta, Casanare and Vichada, as 50% of the 120,000 jobs with the oil industry have been lost during 2015 and 2016 thus far.
Representatives of the Colombian Petroleum Association (ACP), its members, the Labor Ministry, the Casanare Government and the Vice Minister of Employment and Pensions Francisco Javier Mejía met to discuss issues affecting Casanare communities. This and other Corporate Social Responsibility (CSR) stories in our periodic summary.
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