The oil industry is interested in continuing to invest in Colombia, but three principal factors – licensing, attacks and blockades — are making an already complex process even more difficult and threatens the economic potential that the industry could generate, says the president of the Colombian Petroleum Association Alejandro Martinez.
Farc leader and negotiator alias “Jesús Santrich” told reporters that the parties are “three or four paragraphs” away from an agreement on the illegal drug trade, as another round of talks started this week in Havana.
Parex Resources (TSX:PXT) has installed a series of windmills that are being used to power water supply in the Caño Chiquito settlement, in the municipality of Paz de Ariporo as part of its social investment plan.
Fuel prices dropped in May as the Ministry of Mines and Energy adjusts its formula to set them, while the issue continues to gain traction on different fronts.
Accusations that oil production is destroying local water resources continued to make their way, while a number of oil industry institutions have embarked on campaigns to counter the idea, which is being used to advance the agenda of those opposed to oil. These and other environmental stories from local media.
In a joint session of economic commissions from both Colombia’s Senate and House, the Finance Minister Mauricio Cárdenas presented four new changes to the General Royalty System that look to give it access to other sources of funds in case royalties from mining and energy production taper off.
The president of the National Hydrocarbons Energy Industry Workers Union (Uten) Alejandro Ospina rejected reports that affiliated workers had joined a protest of Pacific Rubiales (TSX:PRE) in Bogotá and said there is an effort to stigmatize the industry.
The National Hydrocarbons Agency (ANH) and the Marine and Coastal Research Institute (INVEMAR) have launched the third voyage of a study of the marine life in the Guajira Offshore 3 (GUA OFF 3) block in the Colombian Caribbean.
The Minister of Mines and Energy Amylkar Acosta confirmed that at least three supermajor oil producers –ExxonMobil (NYSE:XOM), Petrobras (NYSE:PBR) and BG Group (LSE:BG.L)- will participate in the Colombia 2014 Round.
Parex Resources (TSX:PXT) says its production has grown to a historic level during the 1Q14 and announced the acquisition of Verano Energy, part of a plan to consolidate its operations in the Southern Llanos basin.
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