Ecopetrol is following the lead of other producers in Latin America and OPEC members by importing light crude from Nigeria and Russia to mix with its heavy crude production and fetch a better international price, fostered by a shrinking gap between the Brent and WTI prices.
The legislative bill containing the constitutional reforms to facilitate the Havana agreements on peace passed their first debate in one session, but its main critics in the Centro Democrático party abstained, leading to confrontations with supporters of the bill.
The fact that biofuels do not need to be refined from crude, which first must be found and extracted, plus their environmental benefits make them a strategic bet that Colombia must consider, says the president of the biofuels association, (Fedebiocombustible) Jorge Bendeck.
The General Controller performed an audit of the Colombian Petroleum Institute (ICP), the research institute of Ecopetrol (NYSE:EC) and found 15 administrative findings, two fiscal and four “disciplinary” cases in its contracts worth a total of CoP$1.072B (US$370,000). Questions on an unsuccessful building of a butterfly sanctuary were also raised.
The legislative bill containing the constitutional reforms to facilitate the Havana agreements on peace passed their first debate in one session, but its main critics in the Centro Democrático party abstained, leading to confrontations with supporters of the bill.
The Baker Hughes US rig count is more than ten times higher than the Colombian count so we indexed the month-end counts to see trajectories and measure speed of reaction to the dramatic decline in crude oil prices since last June 2014.
The attack on the Transandino Pipeline (OTA) in June of this year has been labeled the worst in Colombia’s history due to the extensive environmental damage which occurred from the spilled oil. Four months on, the initial emergency measures are just now being concluded.
The Senate’s Sixth Commission held a debate on the legal framework for oil companies regarding roads, and said that the current laws for rural backroads are not doing enough to serve the community in producing regions.
A Cienega municipality administrator says Comptroller findings reflect administrative errors not funds misuse, meanwhile The Ministry of Mines and Energy (MinMinas) is allocating CoP$9B (US$3M) to incentivize production. These and other stories in our periodic roundup.
Oil-spill drills were carried out in Yopal and in Ecuador, meanwhile an actual oil spill and fire occurred after a tanker truck went off the road in Aguazul. These and other environmental stories in our periodic summary.
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