This Thursday, November 19 the peace process in Havana marked its third anniversary involving more than 500 days of talks in the Cuban capital. While there is certain progress, time is running out on a March 23 deadline to sign a final agreement, as the parties cannot get past the issue of transitional justice.
Ecopetrol (NYSE:EC) can celebrate that unlike nearly all of its private industry peers it has been able to post a profit in the third quarter of 2015, but it has seen its production fall slightly, and its E&P business continues to post losses. This has been compensated by its refining business to some degree, while transportation income nearly doubled.
The OCAD decision-making bodies include a multilevel representation of different government entities and have the power to decide whether a royalty project will move forward, but one academic says they must have a greater focus on planning for the long term and have an element of popular representation.
Congressional leaders called in the Minister of Mines and Energy Tomás Gonzalez and delegates from the Energy and Gas Regulation Commission (CREG) to defend their energy policies considering the uncertainty. The politicians seemed unconvinced by the official response.
Colombia’s Caribbean region has been identified as the territory where royalty investments have been the most mismanaged, while local departments reflect on royalty investments over the three year span of the General Royalty System (SGR). These and other royalty-related stories in our periodic summary.
Gran Tierra Energy (TSX:GTE) says that it has entered into an agreement to acquire Petroamerica (TSX Venture:PTA), its first major move since new management took charge earlier this year, and a bid to consolidate its operation in Putumayo.
During a hearing to release the results of a joint sustainable project between the industry and community in Aguazul, Casanare the Vice Minister of the Interior Carlos Ferro Solanilla praised the efforts and results of both the community and hydrocarbons sector.
The oil industry offered its support for road work in Casanare, meanwhile the community in Puerto Gaitán calls for more social contributions and hiring from a local operator. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
The National Planning Department highlighted the importance of royalty resources for the post-conflict era, and has outlined changes being made to make their use more efficient.
Editor’s Note: Jaime Checa is one of Colombia’s most respected geophysicists. When he speaks the industry listens. Here he reflects on the sorry state of onshore seismic in 2015, looking beyond the easy excuse of low oil prices.
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