Pacific Rubiales (TSX:PRE) CEO Ronald Pantin struck back at rumors that the Company was in danger of not fulfilling its financial obligations and that it is in good standing to continue operating even with a low price of oil.
The general manager of the Barrancabermeja Refinery shot back at critics saying that the project has not been frozen nor canceled, but still awaits definitions from the Ecopetrol (NYSE:EC) board of directors.
Ecopetrol (NYSE:EC) has a number of Corporate Social Responsibility Programs (CSR) related to risk prevention and wildlife preservation, while Pacific Rubiales (TSX:PRE) is completing an adult literacy program in Casanare. These and other CSR related stories in our periodic summary.
Gran Tierra Energy (TSX:GTE) again reduced its Capex Budget to US$140M from US$310M for 2015 due to the continued fall in the price of oil and the reevaluation downward of its reserves in Peru. The company’s CEO Dana Coffield’s employment has also been “terminated”.
In a presentation to the industry and other interested parties at the ANDI’s ‘Genera’ conference recently, the ANH showed a chart saying there was just over US$7B of investment pending from E&P and TEA contracts.
The Labor Minister Luis Eduardo (Lucho) Garzón admitted that the government did not have a plan to confront the crisis in the industry generated by the collapse of oil prices.
The incident count was up by two this week to 30 but that was entirely due to the Armed Forces as our measure of guerrilla-initiated incidents stayed flat at 4.
The USO sees several convenient political battles where it can gain ground and is aggressively approaching them: promises from the government on the Barrancabermeja Refinery modernization, worker layoffs due to price fall and increases in natural gas prices to the end user on the Caribbean coast.
The fall in the price of oil has moved the government to sound the alarms and start inspecting oil companies and contractors to verify their liquidity and ability to pay workers, suppliers and meet other obligations
The Minister of Environment Gabriel Vallejo says that he wants to avoid creating green taxes, but instead install or enforce charges for actions that have an environmental impact.
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