On March 15, 2016 the Vice Minister of Mines María Isabel Ulloa presented Colombia’s first transparency report, elaborated according to the standards of the Extractive Industries Transparency Initiative (EITI).
The publicly listed companies that will give us enough information to calculate netback have reported for 4Q15 and so we update our quarterly and annual graphs. The good news is that Production and Transport costs dropped 27% in 2015 (on average).
Faced with falling levels of exploration, production and foreign investment, President Juan Manuel Santos has told fiscal and oil & gas entities to form a group to study tax relief options for the hydrocarbons industry.
After an intervention from authorities and the community itself, the Constitutional Court decided to lift a suspension on production activities in the Ocelote-Guarrojo in Puerto Gaitán, Meta, since the suspension could cause more problem than it prevents.
The Ministry of Mines and Energy updated its fuel prices for April 2016, and announced a drop for diesel and an increase for gasoline starting April 5th. Just four days prior, the ministry said there would be no change to prices for April but also said that might change.
Following an armed strike by the Clan Úsuga paramilitary group last week, the Farc have demanded the government do more to combat these groups, and say that the issue is stalling process in Havana.
Municipal council members in San Martín, Cesar have turned to national press to express their concerns on one of Colombia’s few fracking projects, led by ConocoPhillips (NYSE:COP).
The president of the Chamber of Oil Goods and Services (Campetrol) Rubén Darío Lizarralde again called on the government for a better response to the industry’s current situation and asked for additonal measures to bolster exploration activity.
The Colombian Petroleum Association (ACP) insisted that the government lower State Take on operators and take further measures to guarantee the industry’s competitiveness, because the only thing for certain, says the association, is that prices will go back up.
Community objections on local hiring practices in Barrancabermeja have fueled several conflicts with companies recently, despite prior agreements and leading to a suspension of activities at the La Cira Infantas field. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
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