Critics of the decree that promises to expedite the process of environmental licensing continued to push back, while a UN survey finds agriculture water use is leaving a river dry in the Valle de Cauca. These and other stories in our periodic round up of environmental stories.
David Riaño assumed the role of president of Colombia’s main gas transporter TGI around a week ago, and has now announced an investment plan of US$200M to invest in three strategic projects that will expand the company’s capacity.
After the local environmental agency Corporinoquia questioned whether access routes for a Geopark drilling platform in Llanos 62 would affect the water table and local animal species, the company has agreed to halt one of two platforms.
Ecopetrol (NYSE:EC) management looked to highlight the positive aspects of the third quarter 2014 on its earnings conference call, pointing out that although profits dropped, production increased and attacks on infrastructure has dropped. While the firm will keep its projections for 2014 and 2015 for now, company president Javier Gutiérrez said a review of its strategy will be made towards the end of the year.
Benchmark oil prices continue their downward slide hurting company results and Colombian government coffers.
While Ecopetrol’s (NYSE:EC) financial results might not be looking so pretty, the NOC detailed its Corporate Social Responsibility (CSR) activities and it has been involved in a number of projects mentioned recently in local press. Authorities are also welcoming Colombia’s candidacy in the Extractive Industries Transparency Initiative (EITI). These and other CSR stories in our periodic summary.
Ecopetrol has released its earnings report for the third quarter 2014, which showed a drop in profits for the quarter both sequentially (17.3%) and year-over-year (40.3%). The drop comes due mainly due to the drop in oil prices. The news left the Finance Minister (MinHacienda) Mauricio Cárdenas calling for the NOC to ramp up its production.
The count stayed flat at 32 this week, well below recent and long-term averages. Guerrilla-initiated activity also dipped slightly.
The USO said that it has been working with the Tesoro de Bubuy community in Aguazul to demand concessions on environmental impact and social investment from Perenco, who has since said it will close the project as a result.
An agreement that required the intervention of the Labor Ministry to negotiate between the operator of the new port project, Impala, and local workers and communities has lifted a 30-day strike which has held up progress on the construction of the new facilities.
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