The commission responsible for reviewing the functioning of the General Royalty System (SGR) met in its 35th session, and approved changes which are expected to make the process easier for local political leaders to get their projects reviewed.
A study from Ipsos and FTI Consulting showed that in Colombia’s private business sector, hydrocarbons, mining and energy firms were deemed to be those with the greatest amount of challenges facing their reputation.
Equion Energy received accolades for a program in which it hired demobilized combatants as part of a transitional initiative. This and other Corporate Social Responsibility (CSR) related news in our periodic summary.
Geopark (NYSE:GPRK) will explore “every piece” of its Llanos 34 block, but does not want to stop there. Its Colombia director Marcela Vaca gave details on its exploration activities, and that it has interest from larger operators and investment funds to form joint ventures.
The Association of Oil Goods and Services (Campetrol) reported one of its biggest drops yet in the use of rigs during March 2016, and authorities urge greater focus on expanding reserves and exploratory activity. But to do so there are several critical obstacles that must be addressed.
Pacific E&P posted a US$901M loss in the first quarter of 2016 and saw its production fall as well. In its earnings statement issued on May 13th, management seemed set on accepting a restructuring deal from Catalyst Capital.
The USO said that the new Labor Minister Clara López will allow for a dialogue between the ministry and the union to systematically discuss worker issues.
Editor’s Note: The Colombian Association of Petroleum Engineers (ACIPET) finds its members at the sharp end of the decline in petroleum investment, especially in exploration.
The dramatically different margins between Transport and Ecopetrol’s other Lines of Business means the profit shift continues. Although E&P and Refining represent nearly 80% of revenues, they represent less than 40% of EBITDA.
The president of the Colombian Petroleum Association (ACP) Francisco Lloreda lashed out against rising environmental and citizen protests against oil activities, which he says have become a free pass to extort and pressure the industry in Colombia.
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