Whatever one’s view of last Thursday’s historic handshake between Colombian President Juan Manuel Santos and Farc leader alias ‘Timochenko’, peace – at least with the Farc – looks closer today than it has for decades.
The process to clear the way for Ecopetrol (NYSE:EC) to start commercial production work for its CPO-09 block is slowly moving forward, while challenges persist for heavy crude production and its potential in Colombia.
Ecopetrol (NYSE:EC) environment chief for Middle Magdalena and Catatumbo Julia Celina Angulo Díaz said that the NOC will be recognized by the United Nations Development Program in December for its social work in the region.
More than three years after the implementation of the General Royalty System (SGR) complaints persist and observers say that the new system puts small municipalities at a disadvantage, even if it has brought about more transparency and control.
Canacol Energy (TSX:CNE) continues its transition to focus on gas production which outpaced crude production in the 2015 fiscal year, and in the quarter ending June 30 went up at the nearly same rate crude production went down. But its bottom line was hit by the fall in oil prices, resulting in a loss.
President Juan Manuel Santos arrived in Cuba to reach a preliminary agreement with the Farc commander Timoleón Jiménez, alias ‘Timochenko’, in which both have promised to sign the final agreement and end the more than 50 year conflict in the next six months.
The president of the National Hydrocarbons Agency (ANH) Mauricio de la Mora now says that the entity is planning a ‘mini-round’ where it will offer three blocks in December of this year, an abrupt shift from recent comments he made on how the entity will promote investment.
The Ministry of Mines and Energy is preparing a decree which it says is necessary to stimulate the construction of gas pipelines through direct state intervention and tenders. But private industry says the problem is in the regulations.
With the fall in oil prices specialized workers like oil engineers and general employees originally attracted to better salaries in the oil industry have suffered, creating added tension towards foreign workers and there is no clear alternative in sight.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says the NOC is learning to reverse a trend of “thinking fast and acting slow”, and that its main strategy to improve its results in the short term is in improving the recovery factor. Exploration is for production of the future.
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