The Ministry of Mines and Energy (MinMinas) released 2014 reserve figures for oil and gas, and said that the country has proven reserves for 6.4 years considering current production levels.
President Jose Manuel Santos criticized Farc attacks and drained tankers in Putumayo, which provoked one of the largest public rejections of the guerrilla this year. Santos said these acts do not make sense and the guerrilla never will win the respect of the Colombians.
The flare in violence following the end of the Farc’s supposed unilateral cease fire has put pipelines and oil infrastructure back in the crosshairs of guerrilla groups. It could not come at a worse time for Ecopetrol (NYSE:EC) which will see its costs rise and production fall as a result.
We recently looked at analysis from the Colombian Chamber of Oil Goods and Services (Campetrol) on exploratory wells, which showed the strong impact of the price crisis. For seismic exploration, the picture is even worse.
Last week reports of missing hard drives at the National Hydrocarbons Agency (ANH) with data on offshore blocks caught the attention of the local press. However probably a bigger story was on falsified bank guarantees for ANH contracts, conveniently slipped into the same press release. Now more details emerge on this latter issue.
Colombia’s Chamber of Oil Goods and Services (Campetrol) compiled a historical and graphical analysis of the pace of exploration wells since the entry of the National Hydrocarbons Agency (ANH), which paints a dismal picture of a crisis which is far worse than that of 2009.
A series of attacks and drained tankers in Putumayo from the Farc has evoked widespread outcry from authorities, as the local community and ecosystem deals with yet again with a long lasting environmental impact.
Colombia’s Minister of Mines and Energy (MinMinas) Tomás González said the tax burden on companies seeking new reserves will be reduced and that the reduction will not affect public finances.
The Colombian Chamber of Oil Goods and Services (Campetrol) executive president Rubén Dario Lizarralde has called for royalty funds which are not assigned to projects be returned to producing regions for development projects.
ProductionColombia continues its gravity (and naysayer) defying trick of maintaining production above 1 million barrels a day for yet another month. The mystery is how.
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