Carlos Eraso has officially taken the post of Vice Minister of Energy, following the ratification of María Isabel Ulloa as the Vice Minister of Mining a week ago, completing the Ministry of Mines and Energy (MinMinas) new structure under Tómas González.
Add biofuels refining to the list of problems that Ecopetrol (NYSE:EC) has racked up, with a planned plant facing a familiar trend of labor issues, overrun budgets, and delays.
The Biennial General Royalties System (SGR) budget for 2015-16 has been presented, contemplating CoP$18.27T (US$8.97B) for 2015-16 for investments and savings. While the amount has increased, it depends on meeting tough production goals, and has left producing regions feeling shortchanged.
After rising two weeks in a row, articles on fracking or unconventional hydrocarbons fell last week. Positive articles exactly balanced negative ones.
Pacific Rubiales (TSX:PRE) has no plans to sell its assets in Colombia or leave the country, and plans to invest US$1.8B to strengthen its operations in the country.
The number of natural gas vehicles (NGV) has reached half a million according to government figures, and fuel service giant Terpel says its distribution network is now sufficient to continue growing the market.
The Colombian Petroleum Association (ACP), criticized a proposed increase of the wealth tax which it says would deter exploration activities and investment just at a time when the industry and country need it. Instead the government should address issues of security, protests and licensing to increase production.
The National Environmental Licensing Agency (ANLA) has rejected 48% of the licenses presented to it for approval, and 118 projects are on standby due to the approval process. The majority are related to the oil industry.
An international expert visited Colombia and said hydrocarbons firms must change their strategies to get better results from Corporate Social Responsibility (CSR) programs, while an ANH-UN agreement has led to potable water work in LA Guajira. These and other stories in our regular summary of CSR programs related to the industry.
The count dropped this week to 39, above long-term averages but below the recent average and the shift in geographic distribution continues.
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