An alliance of the Bogotá government, green waste management firm Sistema Verde and cement producer Argos looks to round up the thousands of abandoned tires in the capital’s streets and process them, even resulting in fuel. This and other environmental stories in our periodic summary.
Both the Colombian Petroleum Association (ACP) and the Colombian Association of Oil Engineers (ACIPET) welcomes the recent ceasefire agreement, and said that the oil industry has been one of the sectors most affected by the armed conflict.
The Ministry of Finance (MinHacienda) is preparing to issue treasury bonds worth CoP$853.177B (US$294.4M) to cover financial obligations with the Fuel Price Stabilization Fund (FEPC), in an operation that has some analysts scratching their heads.
The other major reversion (besides Rubiales), Ecopetrol (NYSE:EC) is set to receive the Cusiana field on July 4th, after the end of the Tauramena association contract, signed originally between BP (NYSE:BP) and Ecopetrol in 1986.
Equion Energy held a farewell activity as it closes its contract for the Cusiana field and thanks the community and authorities. But in Nunchía, blockades at its Floreña I well have it close to suspending operations. These and other Corporate Social Responsibility (CSR) related stories in our periodic summary.
Accusations of unfair competition, of a monopoly and aggressive tactics against family-owned fuel stations have made press, with a particular emphasis on Terpel, which critics say has crossed a line as a wholesaler and retailer.
Ecopetrol (NYSE:EC) has made good on promises to sell off its non-core assets, and has announced a ‘2016 Field Round’ in which it is auctioning 20 assets to the oil & gas industry.
Last week Ecopetrol (NYSE:EC) announced its long-anticipated ‘Ronda 2016’, putting 100% of the NOC’s participation in 20 areas up for sale (bundled into 17 so-called opportunities).
The USO welcomed the “historic and transcendental” agreement between the Farc and the national government, which it says creates a commitment for the Farc to laydown arms, but also for the state to recognize their status as a political movement. And the union’s ‘fiesta’ ahead of the Rubiales reversion continues.
The National Hydrocarbons Agency (ANH) has been willing to negotiate contract terms of E&P contracts as one of the benefits delivered to the industry due to the fall of oil prices. But rarely do these agreements get released to the public. A recent agreement made with Interoil over COR-6 gives us a small window into this process.
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