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.
Ecopetrol (NYSE:EC) signed a US$300M loan with the Export Development Canada (EDC) agency, which it says meets half of its financing goal for 2016 and demonstrates the continued trust that the market has in its operation.
The government and Farc announced an agreement to end the use of minors among the guerrilla ranks and clear its camps as well, the latest small step forward in an uncertain process.
After an intense discussion between the government, the U´WA indigenous people and Ecopetrol (NYSE:EC), the NOC has agreed to burry a portion of the Coveñas/Calo Limón pipeline due to environmental and tribal concerns. This and other environmental stories in our periodic summary.
The Murui people of the Monai de Jitoma community in the Puerto Leguizamo Municipality say they will not support an oil exploration project and argued so in a recent prior consultation hearing, but the operator says it will still move forward with the project as their approval was not an obligation. What happens next?
The former president of the National Hydrocarbons Agency Mauricio de la Mora left his post with an array of initiatives in place, and a recently released interview gave more detail into the thinking that went into his policy decisions.
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