News and AnalysIs for

The Minister of Mines and Energy (MinMinas) Tomás González attended a recent summit organized by Bloomberg to reinforce the strategic position of the oil industry and that despite what has been said, everything is going well.

After royalty revenues dropped less than expected, Delegates of the National Federation of Departments met with the Minister of Finance to release royalty resources, meanwhile a new royalty spending transparency tool has been released. These and other stories in our periodic roundup.

Ecopetrol (NYSE:EC) and Anadarko (NYSE:APC) have announced a hydrocarbons discovery at their Caribbean offshore exploratory well Kronos-1, a development which has the government hailing that its offshore strategy is working while other industry members urge caution as the fruits of the find are still years to come.

The Amazon region represents both an area with interesting prospects for the hydrocarbons industry but also immense complexities.

The Minister of Mines and Energy (MinMinas) Tomas González said that its PIPE2 plan is already keeping investment in Colombia and production above a million barrels a day.

The Superior Tribunal of Pasto (Nariño) has ruled in favor of a Putumayo based indigenous association (ACIMVIO) and ruled against a prior decision from Interior Ministry to not certify the presence of the Inga group in an area of influence for a Gran Tierra Energy (TSX:GTE) exploration project.

Guerilla-initiated incidents dropped close to the average experienced during the previous Farc unilateral truce. Half were attributed to the ELN but it would be difficult to unequivocally call the rest ‘truce violations by the Farc’.

The USO claims workers have been pressured by anti-union forces in its attempt to negotiate entry to Pacific Rubiales Energy (TSX:PRE) through blackmail, and has taken to the international community to up pressure on authorities.

At one time in late May, there was a hope that oil prices were rebounding, that somewhat like 2008/2009 there would be a rapid so-called ‘V-shaped’ recovery.

Pacific Rubiales (TSX:PRE) is worth only 11% of its value at its peak, and according to an analyst report must take quick decisive action to persevere into the future. But even with prompt action, looming obstacles remain.