Confounded by the cuts in investment and exploration due to the fall in crude prices, Colombian services firms are looking outside of the hydrocarbons industry to find new clients.
USO delegates met with management from Cenit, the transportation spin-off of Ecopetrol (NYSE:EC) and warned that a plan to fold remaining transport assets into Cenit will make way for Cenit’s sale.
GasThe president of the Association of Natural Gas (Naturgas) insisted that the supply of natural gas is just fine, and that the “feeling” of scarcity is just due to El Niño.
A 2015 perceptions survey carried out by the Chamber of Oil Goods and Services (Campetrol) showed that almost no service companies could call 2015 a good year, and the association called for immediate action from the government to restart Ecopetrol’s (NYSE:EC) exploration program.
Pacific E&P (TSX:PRE) was the affected operator in another Constitutional Court decision regarding the prior consultation process and an indigenous group in Puerto Gaitán, Meta, which affects the operator’s operations in Quifa.
Images of Farc negotiators in public, accompanied by armed guerrillas in a public plaza in La Guajira for a peace campaign, led to condemnation by the government and a halt in talks. With the urging of the guarantor nations, the impasse was resolved, but the incident demonstrates how fragile the process is at this point.
The Central Bank released Foreign Direct Investment (FDI) figures for January 2016, and the fall was nearly 60% compared to the same period last year, affected by more than just energy and mining.
The National Hydrocarbons Agency (ANH) stepped up its position and said that it will sanction Santa María Petroleum, one of several firms accused of delivering false letters of credit to cover contract guarantees for an E&P contract.
The controversy surrounding the Cartagena Refinery (Reficar) has caused a moment of rare consensus across the political spectrum in Colombia’s congress: From the opposition bank of Senator Alvaro Uribe to the left leaning Polo Democratico and those between, all want to see a special session to grill those involved in the project.
Oil companies in Colombia and beyond are starting to see a “significant” loss of labor talent, says a recently published study on the oil and gas labor market from global recruiter Hays.
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