The tax reform has been approved by Colombia’s chamber of representatives, and now awaits the signature of President Juan Manuel Santos. The reform looks to address an estimated CoP$12.5T (US$5.2B) shortfall in the 2015 budget.
A survey of experts and managers involved in Corporate Social Responsibility (CSR) programs said that Ecopetrol (NYSE:EC) is both the most visible proponent of CSR, and also the most respected.
Whether talking about seismic activities, exploration drilling or overall production, 2014 failed to size up to the projections and goals that the industry and government had established for the year.
The El Morro settlement continues to be a hotspot for community-company conflict which has led to trees blocking roads, while the government agrees to look at projects in Casanare and Huila. Gran Tierra (TSX:GTE) also gives details of a electrical energy project designed to lower emissions in Putumayo. These and other stories related to the environment in our periodic summary.
The pending decision on the future of the Rubiales Field, still Colombia’s largest producer, is running out of time. But while the political decision and momentum to return the field to full Ecopetrol (NYSE:EC) control looks clear, the technical requirements of the aging field are not so cut and dry.
The overall count decreased to 33 this week, below recent and long-term averages. There were no direct attacks on infrastructure in press reports and the graph shows our proxy for guerrilla-initiated events also fell and took the short-term moving average with it.
Ecopetrol’s (NYSE:EC) board of directors met last Friday (December 12) and confirmed the rumors: Javier Gutiérrez will step down as president of the NOC.
The USO took to its favorite targets last week: eliminating outsourcing of workers in Ecopetrol and returning the Rubiales field to the NOC.
President Juan Manuel Santos admits that the substantial drop in international oil prices is going to have an impact on public finances, with the worst consequences of its fall thus far coming in 2016.
This week November production was released and average crude production stayed just above a million barrels. The tax reform bill has made it out of the senate while rumors on Ecopetrol (NYSE:EC) management change continue to distract from the NOC’s need to change pace.
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