The Labor Ministry (MinTrabajo) has published a resolution that defines the list of municipalities where special requirements for local hiring will be implemented through a decree published in October.
After being pressed to comment on a proposed tax reform, the Minister of Mines and Energy Tomás González said the timing of the oil price drop coinciding with the tax reform discussions is “unfortunate”.
Downstream Demand and PricingThe steep drop in crude oil prices is finally having a measurable impact on pump prices in Colombia as the government’s smoothing formula finally catches up.
The count decreased again to 33 this week, below recent and long-term averages. However guerrilla-incidents show an unfortunate trend and there were a number of direct attacks on the industry.
Finding skilled laborers with advanced studies in areas that benefit the mining and energy sector remains a challenge, despite improvements at the university level in specialized degree programs, says a press report.
The Magdalena River port project being built by logistics firm Impala in Barranquilla is moving forward after ending a strike in November, and is still on track to start preliminary operations in January 2015, says Impala Colombia general manager Alejandro Costa.
Ecopetrol’s (NYSE:EC) dragging of its feet on the modernization of the Barrancabermeja Refinery has put not just the city’s economy on hold, but stunted development in the region, says the thesis of a Spanish researcher.
The USO said that they made visits to the Rubiales and Caño Sur fields and have found “possible” evidence of a “crude cartel” that the uinon claims is selling contraband crude that goes unreported to authorities.
We were tempted not to write this story since by now everyone remotely connected to the industry must have read or seen hundreds of stories. But we think there will be long-term consequences to the industry if this really is a structural change in prices.
With oil prices continuing to fall and growing competition from Mexico for investment dollars, the National Hydrocarbons Agency (ANH) says it will commission an economic study as part of a profound analysis of the sector and how to best promote Colombia as a destination for E&P projects.
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