During a three hour meeting in the presidential Palace, the Colombian Petroleum Association (ACP) presented a series of measures to President Juan Manuel Santos, which would lighten the fiscal load on the industry and review transportation costs, to boost the oil & gas industry.
The 19th Congress of the Colombian Natural Gas Association (Naturgas) provided the venue for a debate on the future of the natural gas industry and gas supply, with Naturgas assuring current problems are not a larger trend, while the Colombian Petroleum Association brought up concerns on Colombia’s self-sufficiency.
Pacific Exploration & Production (TSX:PRE) said that it grew production in 2015 but, like everyone else in the industry, impairment charges led it to post a loss of US$5.462B. A report in US financial media that the firm is reviewing buyer proposals has also fueled speculation on its future.
Colombia’s highest court has been very active lately, deciding on a number of community rights issues in a way that makes it difficult to plan long-term projects.
The Constitutional Court has said that the definition of ‘zone of influence’ that MinInterior has been using to determine if indigenous communities need to be consulted is too restrictive.
The USO held a strike on March 17, and in the lead-up also launched its “United for Ecopetrol” campaign, which it says will defend Ecopetrol (NYSE:EC) against capitalist interests.
When President Juan Manuel Santos chooses a new Minister of Mines and Energy (MinMinas), they will not be arriving to a clean slate, and will be obligated to hit the ground running to deal with short term emergencies and longer term structural changes.
A shifting rationale and regulatory framework have meant that Colombia’s biofuels industry has lost its momentum, and industry associations say the government has not kept its end of the bargain.
A bit of good news as Canacol Energy (TSX:CNE) posted a proved developed producing (PDP) reserve increase of 110%, and a 2P replacement rate of over 1000%.
President Juan Manuel Santos dispatched his brother Enrique Santos to Havana after differences on the final cease fire and the process to physically consolidate guerrillas in the post-conflict transition stalled the negotiating process.
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