The fracking debate had been quiet for nearly 2 months with articles dwindling down to nearly zero. Now things seem to be heating up again, ahead of a National Hydrocarbons Agency forum next week.
Ecopetrol (NYSE:EC) is planning to detail its investment plan for 2015, and, with a falling oil price, its Capex budget will have to drop, as speculation swirls around what other measures the NOC might have to take because of the new price scenario.
Over the last weekend delegates from 21 municipalities in the southeastern section of Tolima met to discuss the impact of seismic exploration and production activities in the area, which the communities say are causing “irreversible environmental” impacts.
The Cartagena Refinery (Reficar) project is nearly ready, but not finished yet. The general advance is at 97.6% and construction is at 92.7%. Plus authorities now say that a parallel project to expand the Barrancabermeja Refinery must wait in line for Reficar to finish first.
Colombia remains an attractive investment destination for international hydrocarbons firms says the Ministry of Mines and Energy (MinMinas) Tomás González, who also touched on the role of oil in government finances and the balance of reserves to production.
Parex has encountered press resistance to its “Rumba” exploration project in Llanos 26, while NGO’s have nearly received their goal of on-line signatures for a petition to support anti-fracking measures, and an armadillo conservation program shows results. These and other environmental stories in our routine summary.
Canacol Energy (TSX:CNE) reported an increase in production and revenue growth for its first quarter of the 2015 fiscal year. However like much of the industry, costs and the price of oil have taken a toll.
Supporters of prior consultation processes held a debate in Colombia’s senate, questioning why ministers and the President Juan Manuel Santos himself have “demonized” the process as being solely a way for communities to take advantage of projects taking place near their borders.
The count actually decreased to 37 this week, around recent and long-term averages. However, guerrilla-initiated incidents were up, the Farc launched an audacious attack on a Pacific Island and the kidnapped general still has not been released.
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