The rally in oil prices continues. Prices have risen now for three successive months in the case of WTI and four in the case of Brent. It has been difficult to break US$50 but we think traders are beginning to believe in this number.
Colombia’s Central Bank released Foreign Direct Investment (FDI) and related figures for 2015 and the 1Q2016, showing a drop in both investment received and the profits obtained locally due to these investments, although some other sectors show signs of recovery.
Senator Fernando Araújo pointed out the benefits that the modernized Cartagena Refinery (Reficar) has contributed and will bring to the local community, and called for specific investments to mitigate faulty infrastructure in the nearby communities.
Juan Carlos Echeverry, Ecopetrol’s (NYSE:E) president, said in an interview that the NOC has been going through a deep cultural change prompted by the fall in oil prices. Local hiring, community relations, the ability to “sacrifice barrels” and environmental matters are some of the areas affected.
We have not done this graph for a while but a recent newspaper article which we thought was misleading inspired us to do it.
The ELN guerrilla group released three journalists, first Spanish citizen Salud Hernandez and then two RCN Noticias reporters, as the group continues to defy the government, complicating the potential start of peace talks.
The National Hydrocarbons Agency (ANH) said it will work more closely with local leaders in identifying and preventing community conflicts with the hydrocarbons industry, as the second phase of its Hydrocarbons Territorial Strategy (ETH).
Ecopetrol is working “intensely” to prepare for the reversion of the Rubiales field from Pacific E&P, as well as the Cusiana field from Equión. Workers currently at the Rubiales field say they are confident the NOC will hire them under the new contract.
Ecopetrol (NYSE:EC) has started executing an exploratory campaign using a Vibroseis truck in three different municipalities in the Caquetá department, and promised both work and investment for the local population.
The management of the Cartagena Refinery (Reficar) has responded to accusations of environmental damage from the nearby settlement of Pasacaballos, saying it meets all the requirements and takes care to protect the environment. This and other environmentally related stories in our periodic roundup.
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