Casanare and industry representatives met to discuss the state of a transportation agreement and found positive results, while in Meta the government will invest to pave a stretch of road leading to the Rubiales Field. These and other stories in our periodic roundup of road-related issues.
The drop in the oil price has spurred dramatic cuts in the investment plans of Colombia’s most important operators, but there is a long ripple effect that the price fall has on the communities, junior operators and side projects that go beyond the big headlines. Here is a summary of some of the more relevant stories to emerge over the last week or so.
The USO celebrated 92 years of existence with a pat on the back and taking credit for the creation of Ecopetrol (NYSE:EC) — in its monopoly, completely nationalized-oil-industry format of course.
The government has “concrete solutions” underway to stimulate investment in oil exploration and production as a countermeasure to the curtailed spending due to the fall in oil prices.
The Farc made a public announcement that they have been urged by peace advocates to continue with their unilateral cease fire, and pressed the government to make it a bilateral agreement.
Ecopetrol (NYSE:EC) has been hit hard by guerrilla attacks, a poor discovery record and now the fall in oil prices. But it is a similar fate for other Latin American NOCs, if not worse. Petrobras (NYSE:PBR) has been rocked by corruption scandals and Pemex’s ability to function in a privatized market is questionable as the oil price slide cuts into its budget. Let us not even mention PDVSA.
January production provided better than expected results as the number of attacks on infrastructure dropped, while the Colombian Petroleum Association (ACP) sent out a warning on natural gas policies and their long term consequences.
The Colombian Petroleum Association (ACP) took up the issue of natural gas, warning that there will be a deficit on the order of 190mmcf as soon as 2018, and that changing the regulations due to political controversy will only deter investment in exploration.
Ecopetrol (NYSE:EC) outgoing president Javier Gutiérrez says that the NOC saw the price slide coming, and that the company is in good standing to endure even worse conditions.
Ecopetrol (NYSE:EC) says that it has exceeded expectations to reduce its CO2 emissions in 2014, Gran Tierra Energy (TSX:GTE) shares its reforestation experiences in Mexico and illegal refineries are blamed for contaminating rivers in Nariño. These and other environmental stories in our periodic summary.
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