Putumayo has been hard hit by the fall in oil prices, but the overall impact of tax reforms and social conflicts, especially in Bajo Putumayo, are also taking a toll on the productive potential of the region. More dialogue is needed between the community and industry says the president of the Colombian Petroleum Association (ACP) Francisco Lloreda.
President Juan Manuel Santos inaugurated the expanded and renovated Tenaris’ (NYSE: TS) tubing production plant. The modernization project took 18 months to complete and required an investment of US$240M
Pacific Rubiales (TSX:PRE) has financed the CSR management accreditation of 25 officials from Tauramena and Monterrey while Ecopetrol supports small manure and fish producers in Putumayo. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
The Farc called off their unilateral truce and the total incident count was up to 25, but this was due to increased Armed Forces activity. The guerrilla were quieter than average.
Community conflict and blockades have been a recurring problem over the last two years, but in 2015 the number of blockades has spiked considerably.
Unconventional production might be a solid pillar of the government’s strategy to grow reserves, despite reservations from environmentalists. But fracking’s biggest opposition comes from the low price of oil.
The USO says it had nothing to do with a recent attack at the Rubiales and Quifa fields that left infrastructure damaged and vehicles burned, and called for a peaceful dialogue.
The Senate’s Fifth Commission held a six hour debate that included ministers and Ecopetrol (NYSE:EC) president Juan Carlos Echeverry, but failed to reach any conclusions.
With a light recovery in oil prices over the last week and a weaker dollar, there has been plenty of speculation over where the price of oil will end up in the next two years. Also in Casanare, authorities say royalties have fallen more than 80% due to the oil price crisis. These and other stories in our periodic roundup.
India’s Oil and Gas Minister Dharmendra Pradhan made a visit to Colombia as part of a strategy to increase its imports from Latin America, opening the possibility of building a cutting edge refinery to help guarantee its supply.
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