The president of the association of fuel stations Fedispetrol Álvaro Younes said that contrary to what the government’s formula has yielded, fuel prices for both gasoline and diesel should be falling, and be at least CoP$300-400 (US$0.09-0.12) less per gallon.
The Minister of Finance (MinHacienda) Mauricio Cárdenas has his eyes on royalty savings, and is urging lawmakers to pass a bill that would allow the government to use the CoP$10T (US$3.25B) that had been set aside from royalty payments. This and other royalty-related stories in our periodic summary.
Like last year and the year before that, July oil prices finished in negative territory with respect to June. Not a great start for the third quarter.
We do not want to fill up HCC with social conflict articles but that is what is getting published. And looking at some recent anti-oil articles which have prominent placement in national newspapers, it looks like the industry is just letting go with the Colombian public.
The Santander Departmental Assembly voted to reject fracking techniques and the USO was there to mark the event.
Ecopetrol (NYSE:EC) and the national government reached an agreement with the U’wa indigious community which allowed NOC personnel to restart and secure the Gibraltar Gas plant after weeks of U’wa occupation.
Incidents per week dropped again in July. It was not the lowest four-week period we have seen but it was low for not being an end-of-year holiday period.
A report from the United Nations Development Program (UNDP) said that the government has been able to avoid the worst consequences of a fall in oil prices, but that with a price of US$60/barrel there are worrying signs for the midterm future.
In Yaguará, Huila, Ecopetrol (NYSE:EC) insists that it has hired 100% of its unskilled labor locally and 30% of skilled labor, but individuals in the community have maintained blockades affecting five wells for nearly two months.
In every one of his public addresses over the last week, President Juan Manuel Santos urged Colombians to support the peace agreement, as the government and its supporters gear up for an intense political campaign for the “yes” vote.
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