Ecopetrol (NYSE:EC) says violence and terrorist attacks in Catatumbo have forced it to move its office in the Convención municipality, despite the pleas of residents to stay.
The National Planning Department and other authorizes have organized an expo for regional entities on the royalty system, while Meta finally has its OCAD review. Producing regions might not like the new royalty system, but other regions, such as Sabana de Torres, Santander, have used it to their advantage. These and other stories in our routine round-up of royalty related stories.
The first phase of direct negotiations for a new collective bargaining agreement between Ecopetrol (NYSE:ECP) and three of its unions, led by the USO, has come to an end with no agreement. The union says the direct talks will be extended, and looks to organize workers to exert more pressure.
The USO first heralded initial reports last week that its frequent target of accusations Pacific Rubiales (TSX:PRE) had lost its bid to see its Star secondary recovery technology implemented in the Rubiales field, but issued another theory the following day after more details emerged on the future of the technology’s use.
Ecopetrol (NYSE:EC) and the Bicentennial Pipeline both have news regarding Corporate Social Responsibility (CSR) in the Arauca department, while elsewhere local residents, sometimes in groups as small as 25, demand more local hiring. These and other stories in our regular review of CSR news.
The uncertainty surrounding the future of Colombia’s largest producing field, Rubiales, and the association contract between Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE), has workers currently assigned in the UTEN union with the later firm demanding more clarity about their future.
The USO has always had a bone to pick with Pacific Rubiales (TSX:PRE), but the union has taken its stance to the forefront of negotiations with Ecopetrol (NYSE:EC), targeting PRE’s Star secondary recovery technology and calling for a presence in the Rubiales field.
A devastating attack on a convoy of 23 tankers by the Farc in the beginning of July led to 5,000 barrels of oil being spilled after the guerrilla opened the tanker’s valves, and now the local communities have blocked access to crews trying to clean up the mess.
While acknowledging that there are long delays in the implementation of royalty projects, which do not always go to the greatest needs, the new system has ended the “super scandals” associated with royalty abuse and corruption.
Ecopetrol (NYSE:EC) and four unions that fill its ranks have started the process to reach a new collective bargaining agreement. The last one was in place from 2009-2014 and Ecopetrol is optimistic that an agreement can be reached during direct talks.
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