The State Council ruled against Ecopetrol (NYSE:EC) and said that an administrative ruling that stemmed from a public referendum against oil activities in Tauramena was not its business, and rather it should be decided by a different court. Local press have labeled it as a win for the residents opposed to exploration and production activities.
The government is mulling changes in the organization of the entities which approve royalty projects, the OCADS, to encourage large scale, high-impact initiatives instead of small scale, local pet projects, and to address a trend of stagnated advances. This is “contrary to the philosophy” of the royalty reforms, officials say. This and other royalty related stories in our periodic round-up.
Authorities and the El Centro settlement have agreed to form six work groups to talk local hiring, and protestors have lifted blockades of La Cira Infantas in Santander.
After nearly a month and a half after the exit of Tomás González, President Juan Manuel Santos has named Germán Arce as the new Minister of Mines and Energy (MinMinas).
GasThe municipal utility firm of Medellín (EPM) will follow up on its CoP$80B investment on natural gas infrastructure in 2015 with another CoP$50B this year, part of its plan to develop this strategic business.
It took only a matter of days before public backlash surrounding the awarding of an environmental license near La Macarena, Meta had boiled to the point where public officials, even the President, were offering explanations and suspending licences. But the revelations and consequences continue to file in.
The fall in oil prices has set off a chain reaction which started in the producing regions but has now made its way much further and is changing the economic and social reality of the country.
Yesterday, Pacific E&P (TSX:PRE) confirmed the TSX had said the listing was under review. Today, it confirmed that trading had been suspended because of the restructuring agreement and went on to say “it is expected that the Company’s common shares will be delisted from the TSX on or about May 25, 2016”. It will have been only just over 9 years since the stock price broke CDN$1.00 on its way to CDN$30.88.
GasIn March 2016 the amount of energy supplied by thermal generators amounted to 51% of Colombia’s energy grid, while hydro accounted for 43%.
In a matter of a few days, a blizzard of controversy over an environmental license to proceed with an E&P project near a natural reserve in La Macarena, Meta forced explanations from authorities and an eventual suspension announced by President Juan Manuel Santos.
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