Juan Manuel Santos, President of Colombia, signed a decree to approve the royalties’ budget for 2017-2018. Colombian departments can use the money for priority investment projects.
The last two years have been difficult for oil industry because of low oil prices and social issues. This caused many projects to stop and investments to fall. Nevertheless, the Colombian Petroleum Association (ACP) believes that investment levels will increase this year.
Colombian media reported the country has one of the most expensive production processes in the world.
Communities in Casanare, Meta and Barrancabermeja had altercations with Ecopetrol (NYSE: EC) and Pacific Exploration and Production’s (TSX: PEN) staff, alleging the companies are not hiring local workers to develop their projects, and Promigas awarded full scholarships for students of the Caribbean region. These and other Corporate Social Responsibility (CSR) projects in our periodic summary.
The department of Santander has a new high-tech oil and gas laboratory. The Santander Technologies Unit is leading this important project.
Gran Tierra (TSX:GTE) is first out of the gate for Colombia-focused companies with its year-end 2016 reserves report. The growth was substantial, helped by higher oil prices, exploration and acquisitions.
Citizens and social leaders of Guamal’s municipality in Meta have called a march for the ‘defense of water and life’ and against the development of oil projects in the area.
GasThe NOC highlighted Cupiagua’s importance to industry and the country. The plant (located in Agauzul, Casanare) initiated operations in December 2012 and has been important for the supply of gas to the domestic and industrial sectors.
The contradictory rulings of Colombian authorities in 2016, have created legal uncertainty in the oil, gas and mining sectors.
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