Ecopetrol (NYSE:EC) announced a national campaign which looks to recognize projects which are leading the way in innovation and competitiveness in issues that directly affect oil producing regions. This and other stories related to Corporate Social Responsibility in our periodic summary.
In the first major regulatory act of the new Minister of Environment Luis Gilberto Murillo, a new council will review the process to award environmental licenses and will no longer look to meet established timeframes for “expedited”, or “express” environmental licenses. The measure could affect licenses which have already been granted.
The Constitutional Court has suspended another project after it ordered the immediate suspension of the construction of a gas pipeline in the Pascacaballos settlement near Cartagena, and ordered the project to hold a prior consultation process with several local groups.
The USO unloaded against the manager of the Barrancabermeja Refinery Orlando Díaz Montoya and alleged that the refinery has lost a large sum of investment due to poor planning, the hiring of foreign workers, and other costly errors.
When I read this title in a Portafolio article, I feared the worst. So much so that I took weeks to work up the courage to read it.
We predicted 1Q16 would be complicated for some companies based on our calculations of what Brent needed to be for them to break even. Still all the companies in our study reported positive EBITDA, at least after adjusting for impairment charges.
The Minister of Environment (MinAmbiente) Luis Gilberto Murillo has announced the new director of the National Agency of Environmental Licenses (ANLA) will come from within the ministry, tapping the current Director of Climate Change of the ministry, Rodrigo Suárez Castaño.
The fall in oil prices has led to a 13% drop in Colombia’s proven reserves, with 2.002B barrels registered by the Ministry of Mines and Energy (MinMinas). This brings the production/reserves ration down to 5.5 years based on 2015’s average production.
Senator Maritza Martínez has cited several ministers, including the Ministry of Mines and Energy, to a debate to analyze the options for Colombia’s hard-hit oil producing regions, which have seen a serious loss of jobs and investment following the drop in oil prices.
In a dramatic shift over just a few weeks, the rain brought back Colombia’s hydro resources, the halted Guatapé plant started working again and thermal generators slashed their natural gas purchases. Now paired with a global surplus of gas, low prices make some of Colombia’s strategic projects, especially offshore, look uncertain.
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