News and AnalysIs for

The deadline agreed to back in September 2015 of March 23^rd is coming up quick, and President Juan Manuel Santos has been insisting that it be met, but has also recently sought to find some wiggle room as a final agreement by that date looks unlikely.

The National Planning Department performed an analysis to determine which departmental governments, municipalities and other executive royalty entities of the country are best managing royalty resources.

Emboldened by the resignation of the Minister of Mines and Energy Tomás González over potential energy rationing (among other issues), Colombia’s Senate has also called for the resignation of the members of the Energy and Gas Regulation Commission (CREG).

The Colombian Chamber of Oil Goods and Services (Campetrol) has called on the government to allow the delay of tax payments as another measure to support oil companies impacted by the low price of oil.

Parex Resources (TSX:PXT) reported an increase in production in 2015 and said that its net loss had shrunk compared to the previous year, adding that it has also cleaned up its debt and remains poised for the year to come.

Corporate Social Responsibility (CSR) projects have been hit hard by the fall in oil prices and the continued closure of wells and projects. In Santander authorities say over 2,500 jobs have been lost and in Casanare well closures spark concern. These and other CSR-related stories in our periodic summary.

The initial headline frenzy generated by a General Controller report on budget overruns at the Cartagena Refinery (Reficar) has slowed, as some of the big names implicated in the scandal sound off with their arguments and explanations. We summarize some of the bigger stories.

The Minister of Mines and Energy Tomás González offered his resignation, taking the political blame for not enacting measures quicker to prevent potential energy rationing. However, his resignation comes after the opening of a formal investigation into contracts associated with his wife’s company.

It did not take long for the commentary to start on the exit of the Ministry of Mines and Energy Tomás Gonzalez, who said he was leaving and taking the blame for not acting quickly enough to avoid possible energy rationing.

The Constitutional Court Decision on projects and the prior consultation process in Orito Putumayo and Puerto Gaitán, Meta have put the legal certainty of extractive projects in limbo, and more decisions are expected.