Opponents of the General Royalty System (SGR) got a legal victory after Colombia’s constitutional court accepted the arguments of Senator Juan Lozano that the new system is part of a centralist vision, which is prohibited by the current constitution.
Brazilian NOC Petrobras (NYSE:PBR) has finally confirmed the sale its Colombian subsidiary for US$380M to France’s Perenco as it continues to focus on investment in Brazil.
After almost a month and a half of negotiations, the USO has announced a new general strike among its members working for CB&I (CBI: NYSE), the construction contractor involved in the expansion of the Cartagena Refinery (Reficar).
Once a proposal surrounding the environmental management plan of the Barrancabermeja refinery is approved by the National Environmental Licensing Agency (ANLA) is passed, Ecopetrol’s (NYSE: EC) board of directors can approve the next step of the project.
New technologies, off shore drilling and unconventional reserves must be actively harnessed and explored if Colombia is to maintain its oil production above a million barrels a day says Germán Arce, president of the National Hydrocarbons Agency ANH.
Canadian Pacific Rubiales Energy (NYSE:PRE) has proposed that it deploy Synchronized Thermal Additional Recovery (STAR) in the Rubiales field to boost its current production and hand off current primary production to Ecopetrol (NYSE:EC) once the current production contract expires in 2016.
Incidents near areas of interest to the oil and gas industry were up again this week to 34 above recent but below long-term averages. This was a slightly below average week for non-armed forces reported/guerrilla-initiated incident. The increase caused our 4-week Moving Average incident count to go up to 24.6 but the 52 week average dropped slightly to 36.6 incidents per week.
Communities and CSRThe Caquetá Department governor Víctor Ramírez says that the national government has repeatedly found ways to block the awarding of royalty funds, which according to him is the only source of finances for social investment for the department.
The time to debate a possible March 2014 referendum that would approve an eventual peace agreement is waning and a congressional vote looms just ahead. The First Commission of the Senate and House delayed a critical vote on the referendum until next Tuesday, September 17th.
UPDATED — Colombia’s Supreme Court has ruled the current pricing scheme in which the presidential administration smooths prices is unconstitutional. Instead any mechanism should fall to congress. Meanwhile the Liberal Party pushes the new mines and energy minister to study a decrease in fuel prices.
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