Parex has held a press conference with local media outlets and looks to convince the local community that its plan to drill exploration wells in the Tinije Lagoon will be more environmentally safe than Spain’s Cepcolsa, who abandoned the project after community pressure.
GasThe Minister of Mines and Energy Amylkar Acosta is confident that a natural gas boom is coming to Colombia and that exporting gas to Panama, before the United States supplies the Central American market, is a current option.
USO affiliates staged a protest last week in front of Ecopetrol’s (NYSE:EC) corporate headquarters in Bogotá over what the union says is a negligent attitude of the NOC in regards to the health benefits and conditions under contractor firms.
Rumors that Pacific Rubiales Energy (TSX:PRE) could be working with the investment bank of Bank of America to review the company’s strategic options in Colombia reached the market over the weekend, while the company insists it is not for sale.
Incidents near areas of interest to the oil and gas industry were down to 33, below recent but still above long-term averages. Non-Armed-Forces-reported incidents were above average both in percentage and absolute terms. This is our indicator of increased guerrilla-initiated activity. Correspondingly, our 4-week Moving Average incident count was down at 40.5 and the 52 week average was down slightly at 31.0 incidents per week.
Industry associations from mining, infrastructure and energy met and declared that they are “worried about the effects” of public referendums and social conflicts surrounding industry projects.
The surrounding region of Paz de Ariporo is suffering a severe drought that has led to widespread deaths of native species and livestock, and the local press is speculating that the boom of the mining-energy sector is to blame.
Another week without an agreement or much to say that would change the course of dwindling expectations for the peace process. With an election season in full swing, the hope for an early conclusion to the peace process is drawing less and less enthusiasm.
Ecopetrol (NYSE:EC) invested CoP$1.3T (US$645M) in environmental projects during 2013, which it says is the highest amount dedicated to these ends in the last eight years.
Citiing a UN agreement to protect 17% of the country’s land mass, authorities are looking to add eight more parks in La Guajira, Arauca, Meta, and Serranía de San Lucas, thus prohibiting any sort of extractive activities in the area.
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