Pacific Rubiales Energy (TSX:PRE) said that its second quarter 2014 total production grew 17% year-over-year to reach a new record, as the firm added more barrels of light oil and tripled profits, when compared to last year. Company executives also assured that its dependence on Rubiales has fallen as other fields and sources kick in.
The Municipality of Yopal is promoting a change in tax laws that would allow it (and others) to levy a municipal industry and commerce tax on oil operator revenues. Currently they are exempt from the tax since they are already paying royalties based on their production.
A report issued last week by Colombia’s General Controller placing the responsibility for a drought earlier this year on the shoulders of the oil industry in Casanare has brought the issue back to the front pages, as critics call for greater restrictions on seismic exploration while oil authorities push back.
Ecopetrol (NYSE:EC) says that contracts managed by the firm in the first half of 2014 reached CoP$10T (US$5.22B), putting it in line with contracting during 2013, when the NOC’s total contract pool valued COP$20B. The NOC said that 92% was performed with national suppliers.
To keep up with demand for asphalt destined for highway improvements, a firm has proposed a modernization of Ecopetrol’s (NYSE:EC) aging Apiay Refinery in Meta, which the NOC had consider shuttering.
The Ministry of Mines and Energy (MinMinas) says no changes will be made to the reference fuel price, pointing out that over the last year fuel prices have grown by less than 1% in the case of gasoline and 1.8% for diesel.
President Juan Manuel Santos named a new cabinet Monday evening which included several changes relevant to the oil industry, Amylkar Acosta steps down as the Minister of Mines and Energy and will be replaced by Tomás González.
A report looks at testimony from residents near the exploration block COR 33, which was awarded to Alange Energy, now Pacific Rubiales (TSX:PRE), but has seen activity halted as environmentalists claim a natural reserve coincides with its position.
Pacific Rubiales (TSX:PRE) is taking a successful suppliers development program from Meta to put it to work with local companies in Casanare, while Ecopetrol (NYSE:EC) strengthens cacao producers and continues the Iguana roadshow to rural schools. These and other Corporate Social Responsibility (CSR) related news.
The Colombian Chamber of Oil Goods & Services (Campetrol) has led an agreement signed between its 191 members that looks to denounce and prevent cases of corruption in the oil industry.
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