The Minister of Mines and Energy (MinMinas) Tomás Gonzalez addressed a seminar and said that through the government’s National Development Plan it will introduce modifications to contract conditions signed with the National Hydrocarbons Association (ANH) and make royalties more flexibile, two of the measures the industry has asked for.
Local commercial venders in Puerto Gaitán and Barrancabermeja are warning that already there is a steep drop off in their sales, as much as 80%, with the ability of contractors to pay their debts a rising concern. These and other stories in a weekly roundup following the impact of the fall of oil prices on the Colombian economy.
In a general assembly held last week, USO workers voted to authorize their directors to order a general strike which could affect, among others, Ecopetrol (NYSE:EC).
GeoPark (NYSE:GPRK) says that new growth from an expansion of low risk, low cast and high netback fields in the Tigana and Tua fields, in the Llanos 34 block, contributed strongly to growth in its reserves.
Local governments in Norte de Santander, Meta and Putumayo are all interested in building smaller regional refineries that they say would make them more competitive, avoid importing fuel and create new jobs.
This month we start with a commentary by industry consultant Warren Levy on a healthier relationship between E&P and services companies.
This week laid bare one of the truths of policy in Colombia, (and plenty of other places of course): 9 times out of 10, politics will trump economics.
A report from the Peace & Reconciliation NGO found that the Farc’s “armed actions” dropped by 40% in 2014, which it says saved hundreds of lives. But attacks on oil infrastructure, extortion and the increase in ELN attacks are still a worry.
Government and Farc negotiators were back at the table this week to return to the issue of victims, and received former UN chief Kofi Annan as part of an effort from the Nobel Peace Prize winner to move the process along, followed by a visit from a US special envoy.
Political pressure to nix a regulatory change to let the market set prices for the natural gas market has prompted the government to promise that rates on the Caribbean coast will only go up by a maximum of 4%, compared to the 25% rate increase planned under the new system.
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