Former congressional representative John Leoncio Jaramillo Riaño has filed a series of eight lawsuits, or “Popular Actions” in local tribunals against the use of tanker trucks in municipalities in the Meta Department. The legal action looks to force the national government to build special highways for the tankers.
Past lowering diluent costs associated with moving heavy crude, Pacific Rubiales Energy (TSX:PRE) acquisition of Petrominerals (TSX:PMG) transportation infrastructure is also a strong point to this deal. The company will form a new subsidiary to manage infrastructure assets and sell a 40%.
Jorge Bendeck, a longtime ally of the new Mining and Energy Minister Amylkar Acosta, is a small step away from taking the position as president of the National Hydrocarbons Agency (ANH), bringing his experience and focus on exploration and infrastructure with him.
Canacol’s year end is June 30th and it recently published its Annual Information form with Canadian securities regulators. Its proven reserves grew organically 24% and the Shona purchase allowed reserves to nearly triple.
Ecopetrol’s (NYSE:EC) oil transportation firm Cenit will increase its investment plan to US$1.4B in 2014 and its president Camilo Marulanda says that daily production in Colombia could reach 1,350,000bod by 2015.
Colombia’s National Hydrocarbon’s Association (ANH) will become the entity responsible for collecting royalties generated due to gas production starting January 1, 2014.
The ramifications of the Constitutional Court’s ruling that congress, not the executive branch, is responsible for the fixing of fuel prices or subsidies will render two big losers: Colombian consumers and the NOC Ecopetrol (NYSE:EC).
Gasoline pricing is a hot topic in Colombia these days so this month we take up the issue. Luis Ernesto Mejía’s article this month succinctly deals with the major reasons why arbitrarily setting fuel prices based on misguided populism or a misunderstanding of opportunity cost will cause more harm than good.
The USO is riding high this week after reaching a collective agreement last week with the construction contractor CB&I (NYSE:CBI) at the Cartagena Refinery (Reficar) after only three days of a general strike. The organization called it an important step in its struggle.
Incidents near areas of interest to the oil and gas industry were stable this week at 31 at or above recent but below long-term averages. This was a below average week for non-armed forces reported/guerrilla-initiated incidents. Our 4-week Moving Average incident count went up again to 31.3 but the 52 week average dropped to 35.8 incidents per week.
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