Preliminary figures show a sharp drop in net foreign investment of 33.9% to US$7.146B from January to May 2015, led by a decrease in investment in the oil and mining sector, Colombia’s Central Bank has revealed.
Ocad approves four projects in Tolima, meanwhile the mayor of Yopal requests additional funding for development projects. These and other stories in our periodic roundup.
A number of companies have already applied for benefits offered by the National Hydrocarbons Agency (ANH) thorough the Agreement 02, and the entity’s president Mauricio de la Mora says another round of measures are being planned.
In our weekly statistics, the benchmark oil prices peaked in the week ending Friday, June 20th 2014. WTI closed US$107.30 and Brent at US$114. The graph shows prices hit bottom in 1Q15 and have strengthened in 2Q15 but the futures graph below shows that traders are still not wildly enthusiastic. Nor are we.
Ecopetrol (NYSE:EC) Orinoquia sets minimum investment requirements from municipalities for CSR projects meanwhile the NOC completes a potable water project benefiting 60 rural schools in Meta. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
Offshore is an important frontier for the Colombian industry, but the high costs and long time before a successful find sees commercial production weaken its value for the country and industry, so more incentives for onshore exploration are needed, say experts and industry players.
The General Controller’s office has entered the debate on the supply of natural gas, warning that the country must have a clear strategy in order not to suffer a loss of self-sufficiency in the near future.
The total incident count was down to 34 but guerrilla-initiated incidents (by our methodology) were up by 3, continuing the recent trend.
The end of the unilateral cease fire from the Farc has put oil infrastructure back in the cross hairs of the guerrilla, with disastrous consequences for operators in the south of Colombia, in particular in Putumayo.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry made his first official visit to the Barrancabermeja Refinery, where he said the NOC lacks the money for a modernization, but instead said it would take place in stages.
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