The National Hydrocarbons Agency has canceled three contracts with Optima Oil and Range Resources for not meeting their contractual obligations and supplying inadequate letters of credit as a guarantee.
The National Planning Department has temporarily suspended royalty payments to 127 municipalities in 25 departments for not supplying information on the advance of royalty projects according to established timeframes. This and other stories on royalties in our periodic summary.
The headlines this week scream “Oil hits US$30!” noting that this was the first time this had happened in 12 years. There are lots of ‘oil prices’ but the benchmark most used by Colombian E&P producers, Brent, did indeed finish Tuesday at US$30.72 and closed today at US$30.26. The tendencies are worrying.
Casanare produces much oil and as a result, is also a focus for corporate social responsibility (CSR) projects, as well as repeated industry/community conflicts. To finish off 2015 and start the new year, we review a number of stories in our periodic summary.
The government announced that fuel prices for January 2016 would increase slightly for gasoline and drop slightly for diesel. But five days later the Ministry of Mines and Energy (MinMinas) said that shortages of ethanol have forced it to adjust the mixture, and also the price. Fuel distributors allege that this has caused them losses.
The Ministry of Mines and Energy (MinMinas) issued a decree (N°2345 of December 2015) that looks to increase the reliability and supply of natural gas in the country and address a lack of infrastructure.
The Colombian Petroleum Association (ACP) president Francisco José Lloreda has again called on the government to offer new fiscal terms that would allow the industry in Colombia to be more competitive.
Our readers do not need to be told that oil prices continued to slide in 4Q15 and the New Year has brought no relief. But it may not have registered that the gap between Brent and WTI has virtually disappeared.
The National Planning Department (DNP) has been heralding its MapaRegalias as an innovative tool for citizens to have the latest information on royalty projects and update status on royalty funds in general at their fingertips.
“Cash is King” says Ecopetrol (NYSE:EC) president Juan Caros Echeverry about the outlook for 2016. Apart from keeping a firm control on its costs, the NOC is also looking to both sell participation in some offshore blocks and acquire shares of blocks in foreign waters.
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