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.
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”.
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.
The USO took to protesting in Bogotá last week, setting up protests in front of the offices of Pacific Rubiales (TSX:PRE) to call for the reversion of its contract with Ecopetrol (NYSE:EC) in an activity that the union claims involved several hundred protestors from the community of Puerto Gaitan, home to the Rubiales field gathered to reject the operation and protect against “an environmental disaster”.
Parex Resources (TSX:PXT) has installed a series of windmills that are being used to power water supply in the Caño Chiquito settlement, in the municipality of Paz de Ariporo as part of its social investment plan.
Accusations that oil production is destroying local water resources continued to make their way, while a number of oil industry institutions have embarked on campaigns to counter the idea, which is being used to advance the agenda of those opposed to oil. These and other environmental stories from local media.
The president of the National Hydrocarbons Energy Industry Workers Union (Uten) Alejandro Ospina rejected reports that affiliated workers had joined a protest of Pacific Rubiales (TSX:PRE) in Bogotá and said there is an effort to stigmatize the industry.
Ecopetrol’s (NYSE:EC) president Javier Gutiérrez attended an event in Neiva, Huila to showcase the advances that the NOC has made in the southern region of the country, highlighting production and the return for the local community.
The USO says it has formed its team that will negotiate a new set of terms and collective bargaining agreement with Ecopetrol (NYSE:EC), and has already started training with the bargaining team.