President Juan Manuel Santos admits that the substantial drop in international oil prices is going to have an impact on public finances, with the worst consequences of its fall thus far coming in 2016.
This week November production was released and average crude production stayed just above a million barrels. The tax reform bill has made it out of the senate while rumors on Ecopetrol (NYSE:EC) management change continue to distract from the NOC’s need to change pace.
The last two years the Farc has declared a unilateral truce over the holiday season, but thus far no such affirmation has came from the guerrilla. Meanwhile in Havana talks started again this week on Wednesday.
The attention always goes to crude oil production which gets the headlines. But there are worrisome trends in gas production as well.
The Minister of Environment (MinAmbiente) Gabriel Vallejo detailed a plan to offer payments to individuals who desist in illegal forestry and mining activities and instead take care of the environment.
Looking at two bills involving royalties and two very different outcomes: a bill to modify the bill sank after lack of quorum in the chamber of representatives. Meanwhile the royalty budget bill has passed through the Senate in record time.
Ecopetrol detailed figures that illustrate the impact that the Barrancabermeja Refinery maintenance work has made on local hiring positions, while Equion says it is the first hydrocarbons company to receive certification for its labor practices. These and other stories in our periodic round up of Company Social Responsibility (CSR) reports.
Ecopetrol’s (NYSE:EC) transportation spin off Cenit will not move forward with plans to develop the second and third stage of the Bicentennial Pipeline as the company must cut its budget for large projects in the wake of the falling price of oil.
Ecopetrol (NYSE:EC) president Javier Gutiérrez made a visit to the Meta Department and discussed the NOC’s presence in the region, touching on local hiring, fracking use and production.
2026, Hydrocarbons Colombia, All Rights Reserved.
