Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said in a recent interview that the NOC’s cost cutting measures have been effective and its profits have fallen less than the global average due to the fall in oil prices. Even if the price of crude falls to US$30/barrel, and he says he will pray it does not, the company would remain profitable.
The Ministry of Mines and Energy (MinMinas) announced fuel prices for December, and diesel registered a bigger drop than gasoline, which the ministry says is at its lowest level in five years.
The National Hydrocarbons Agency (ANH) held another event designed to better the relationship between industry and communities, highlighting functioning projects that different stakeholders can participate in.
The USO held its annual election of its board of directors during its national assembly of delegates on November 26 and 27 and is in the process of validating the results.
A signature in Havana will presumably mean the end of terrorist threats against economic infrastructure by the Farc (and soon afterward maybe the ELN). But that does not mean that the post-conflict will be without challenges.
Well that could not last. After two straight months of increasing, prices fell again and we are now at a new low for past half-decade.
Through the Colombian Petroleum Association (ACP), companies are calling on the government’s customs and taxes agency DIAN to fulfill tax returns on fiscal income prepaid to the authorities which was based on oil prices of US$80-90/barrel.
A mixed system for block auctions which includes a greater frequency of two a year and more flexibility in their rules is being drawn up the National Hydrocarbons Agency (ANH). Its board of directors is reviewing the plan.
A magistrate in Putumayo has filed a case with the Constitutional Court which alleges that an indigenous community (Awá) in the department has not received their due rights and called for E&P activities to be halted.
The Colombian State Council found that the firm Gran Tierra Energy Colombia (TSX: GTE) has failed to meet the terms of a contract with Ecopetrol (NYSE:EC) and therefore owes the state oil firm CoP$6.2B (US$2M).
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