Today, with oil prices 45% below where they were last year, many companies are laying off staff. But when times were good, resources were hard to find. Companies complained that they often were forced to bring in expats – or even hire Colombians at expat rates – because of a lack of local talent.
The Resource Center for Conflict Analysis (Cerac) says that June of this year was the most violent month since the peace process begun three years ago.
The Farc announced that it would put in place a new unilateral cease fire for one month, starting on July 20, after an escalation in violence in the weeks following the termination of its prior unilateral cease fire on May 22.
Mexican investment group Alfa and Harbour Energy have terminated an agreement to purchase all of the remaining shares of Pacific Rubiales Energy (TSX:PRE), setting off a flurry of speculation and a deep dive in the share price of Colombia’s largest private oil operator.
The fall in oil prices and resulting drop in investment has led to more competition between Colombian citizens and foreign oil professionals, thus making the country less attractive for these expat workers, a recent report found.
The General controller Edgardo Maya Villazón said that royalty projects should face tighter time-frames due to the large quantity of projects that have been approved but not implemented. This and other royalty-related stories in our periodic summary.
A local paper dedicated a full feature article to explain the hope generated by the El Alcaraván sugar cane ethanol plant announced in 2010 by Ecopetrol’s (NYSE:EC) Bioenergy, and the impact its mismanagement left on the municipality of Puerto López, Meta.
Ecopetrol (NYSE:EC) has withdrawn its participation in a consortium formed to bid on offshore blocks in the Mexico Round 1 just days ahead of the presentation of bids.
Parex Resources (TSX:PXT) and Cepcolsa are working with local suppliers in Aguazul in an initiative led by a Casanare assembly representative, while Ecopetrol (NYSE:EC) also signs four agreements for Corporate Social Responsibility (CSR) projects in Casanare. These and other stories in our periodic summary.
Considering that production is up over 3.5% so far this year but crude oil prices are way down, we decide to see how total industry revenues might be tracking.
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