Estimates from the Casanare Chamber of Commerce show that the market for contractor firms has been halved due to the fall in oil prices, and could be greater when considering the indirect industries which have been affected.
The government is advancing with a plan to establish free trade zones for offshore exploration blocks, and also approved extensions to concession contracts awarded in the Colombia Round 2014.
The Colombian Association of Natural Gas (Naturgas) president Eduardo Pizano insists that the country’s gas supply is solid, and that the sector needs advances on certain regulatory fronts more than anything.
Incident counts went up again this week to 20 and non-Armed Forces reported incidents rose for the third straight week. More importantly, President Juan Manuel Santos reversed the decision to stop bombardments.
An article in a respected business magazine suggested that oil and gas companies would soon be trying to attract tourists and grow vegetables. But really it was about Campetrol’s program to help rural areas affected by the decline in jobs, CSR and direct royalties.
As the situation around Ecopetrol (NYSE:EC) installations gets more complicated, the USO finally received its first request, a meeting with Ecopetrol’s president and his senior team.
Colombia’s watchdog on corporate activity, Supersociedades, studied 53 companies from the oil and gas sector and concluded that 23 or about 40% were at a high risk of declaring bankruptcy.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says that the NOC has more austerity measures coming, but that thus far there are no mass layoffs planned. He also said fracking must continue to be an option.
After a Farc attack on an army patrol left 11 dead, President Juan Manuel Santos ordered the armed forces to resume their attacks and operations against the guerrilla.
In order to lower its costs in the current oil price scenario, Pacific Rubiales Energy (TSX:PRE) is taking measures to get better value out of its light and medium crude and sell at a higher price.
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