After a seven year dispute and hours before a government mandated deadline, miners Drummond and Carrejón have reached an agreement to proceed with the extraction of methane gas associated with a coal deposit in La Guajira.
The reform of the system to distribute royalties from oil and mining have been detrimental to producing regions, forcing them to deal with the environmental and infrastructure issues create by the industries but without the benefit of royalty income, said the Minister of Mines and Energy Amylkar Acosta.
Ecopetrol (NYSE:EC) has released contracting figures for the first quarter of 2014, when the Company contracted 41% more in value terms compared to the same period last year. Bogotá based companies continue to have a greater share of the NOC contracts.
Colombia’s Defense Minister Juan Carlos Pinzón said that thanks to taxes on the mining and oil sectors the country has been able to strengthen its military capacity in three specific areas: equipment and overall capacity, well-being and moral as well as its legal foundations.
The Colombia Canada Chamber of Commerce held its most important academic event recently and while the oil and gas sector was not supposed to be featured this year, there turned out to be much back and forth between industry and government representatives.
The earnings statement of Ecopetrol (NYSE:EC) confirmed that the Asian market and Far East is now well installed as the prime receiving market for Colombian crude, and the Ministry of Mines and Energy says the trend is true for the mining industry as well.
Our list of corporate social responsibility projects (CSR) over the last two weeks has been dominated by Ecopetrol (NYSE:EC), who has made a splash in local press through a series of different initiatives and projects. A cynic would say, “it must be an election year”, an optimist, “good job”.
The much anticipated and debated future of the Rubiales field appears to have a day of reckoning ahead, with local press saying a decision will be made in June on the future of its production contract, currently operated by Pacific Rubiales Energy (TSX:PRE).
President Juan Manuel Santos visited Villavicencio, Meta, delivered the environmental permit approved by the National Environmental Licensing Authority (ANLA) last week and promised support for the Llanos Refinery for Meta’s capital.
Following another round of talks in a process that have stretched for more than 2 years, involving departmental and national government intervention, 10 oil operators signed an agreement with a group of local transportation firms. The number pales in comparison to the 48 oil companies operating in the department, and the largest: Pacific Rubiales (TSX:PRE) and Ecopetrol (NYSE:EC) did not sign.
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