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.
A number of communities in the Aguazul and Maní municipalities have issued a joint statement to local press alleging that oil operator Perenco Colombia is not complying with legal requirements on environmental, social responsibility and soclaization matters. Is this the latest community to engage in hardball negotiations with oil producers or are the accusations founded?
Ecopetrol has a number of programs including bridge improvements and educational programs, while Raven says its ready to invest in social programs and Llanopetrol is backing students for petrochemical studies. These and other Corporate Social Responsibility programs to make local press lately.
Local hiring and the ongoing debate between the economic benefits to the local economy achieved through using tankers to transport crude stood out as the top items in this week’s road review.
Huila governor Carlos Mauricio Iriarte Barrios said that there is an opportunity for departments in Colombia’s south to join forces to become more competitive to win royalty projects that meet the needs of this region.
Citing shifting, exaggerated demands and requirements from the local community near its Llanos 30 block E&P operations, Parex has decided to close the operation and cancel contracts with local suppliers.
Pacific Rubiales Energy (TSX:PRE), says that it plans to leave its flagship field, Rubiales, as a success of the past, saying that it now represents only 11% of its proven reserves and that by the end of 2016 it will have been replaced. This process continues to define the company’s message to the market.
Incidents near areas of interest to the oil and gas industry were steady at 45, still above recent and 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 up at 42.0 and the 52 week average was steady at 31.2 incidents per week.
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