The USO’s ongoing collective bargaining with Petrosantander had been described with a more amicable tone in past statements by the union, but apparently there was not enough common ground to reach an agreement, as the negotiation processes closes without an accord.
Despite consistent reports on the sharp drop in exploration activities in Colombia, the president and CEO of GE’s (NYSE:GE) oil & gas division for Latin America, Patricia Vega, says the industry remains more active here than in other producing countries in the region.
Over the last week President Juan Manuel Santos has faced calls from both critics and government institutions to release the full details of the initial peace agreement announced on September 23, while the government insists that the guerrilla will face sanctions as part of the transitional justice.
The Ministry of Mines and Energy (MinMinas) says gasoline prices will fall in October based on a drop in its international price, although the exchange rate and biofuel prices meant diesel increased slightly, and also countered the decrease of gasoline.
The fall in oil prices has taken the magic out of public auctions of E&P blocks, and their effectiveness has fallen in different producing countries. Mexico recently finished the second phase of their Round One with some improvements, but not the stellar results authorities hoped for.
Over the last week President Juan Manuel Santos has faced calls from both critics and government institutions to release the full details of the initial peace agreement announced on September 23, while the government insists that the guerrilla will face sanctions as part of the transitional justice.
Students for an Ecopetrol (NYSE:EC) scholarship program were chosen in Santander and Meta, meanwhile an agreement between Ecopetrol and Corpoica was signed to benefit rural producers. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
The benefits of peace on Ecopetrol’s (NYSE:EC) financial results, and in turn the fiscal take, are numerous; from the value of oil deferred or spilled due to attacks, repair costs of pipelines and production from areas where the conflict has prevented greater E&P activity.
Two senators have taken up the cause advanced by former Senate president, Senator Jose Name, which led to the Ministry of Mines and Energy (MinMinas) and the Energy & Gas Regulation Commission (CREG) to freeze natural gas prices, citing the interests of the final consumer along the Caribbean coast.
The Colombian Association of Oil Engineers (ACIPET) has designated Carlos Rodríguez as its new executive director, replacing Carlos Alberto Leal who held the position for the last five months during the search for a permanent replacement.
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