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.
It is time for our quarterly look at stock prices and as always we shine a spotlight on Ecopetrol’s market performance.
After defending the decree which restructures the process and deadlines to grant licenses against environmentalists and critics in the Senate, the Minister of Environment Gabriel Vallejo met with members of the oil industry to calm company concerns on the process.
Led by the Finance Ministry (MinHacienda) Mauricio Cárdenas, the central government brought a series of proposals before a joint economic session of congress that it says would increase direct royalties to producing regions to CoP$4.1T (US$1.998B) in 2015-2016 from the previous figure of CoP$1.9T.
President Juan Manuel Santos will leave for his visit to European nations in an effort to raise funds for an eventual peace transition process, but already some advances have been made. The European Union signed 10 international cooperation contracts for missions related to the peace process worth a total of CoP$35B (US$17M).
A recent study by the World Energy Council in Latin America found that 74% of those surveyed would agree to pay more on a monthly basis for fuels with cleaner emissions. However that support quickly dropped as the extra cost increased.
Community Action Committees (JACS) from Casanare have organized themselves to reject labor reforms proposed by the Labor Ministry that would sideline their role in local hiring in favor of government-run agencies. In a letter, the JACS said the reform is just as bad as the royalty reform.
Senators and environmentalists continue to scrutinize a change in expedited environmental licenses, making accusations that the decree is a reworking of protected areas and will weaken conservation efforts. MinAmbiente Gabriel Vallejo meanwhile responded in a Senate debate and to the general press.
The government’s fiscal plans are being squeezed by the downward trend of the WTI and Brent oil prices. Estimates are that for every dollar the price drops, the fiscal impact in revenues amounts to CoP$420B (US$220.8M) over the year.
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