Ecopetrol (NYSE: EC) started the second phase of the socialization process for its Odisea 3D seismic exploration project, holding meetings and environmental workshops in three villages in Casanare. Its seismic exploration in the area has come under fire and been blamed in local press for causing damage to the environment, in particular to rivers.
The mayor of Puerto Rico, in the Caquetá Department, says that Ecopetrol (NYSE: EC) is ready to start seismic explorations in the area, bringing oil production to the region. But how will this be received by the community?
The General Royalty System (SGR), through its decision-making body (OCAD) awarded funding to projects on a number of occasions over August. A particular focus was placed on the coffee growing regions, which are at the center of the ongoing national strike. Royalty funds were also addressed by a senator as way to lower fuel prices and offer funds to agricultural sectors as well.
The USO continued to cash in on the general strike which has congested Colombian transit since August 19. Union members from across the country joined the strike last Wednesday, August 28.
The national strike is into its third week and there are several signs of progress at the negotiating table. However, roads still remain blocked and the first official confirmations that oil production has taken a hit reached the newswire.
Colombia’s military intelligence says it has uncovered evidence that the Farc have been repopulating deserted rural area in Meta and Caquetá by placing indigenous groups in the area, a practice that goes back two years.
Colombian senator Alexander López has called for a public forum this week to analyze seismic exploration conducted by oil companies near water sources, which he alleges are causing grave damage to the environment in Casanare, Meta and Arauca.
Our estimate of the average operating cost per barrel (based on realized oil price minus netback) has fallen for the last two quarters, having demonstrated a long term uptrend over the previous four years.
The of agricultural workers’ strike has been a boon for the USO, which over the last week sought to link its ongoing negotiations in Cartagena and elsewhere with the ongoing national strike.
The oil producer GeoPark says it will invest CoP$200M into a road safety program for the general public and drivers working in local, regional and national transportation programs. To date the program has trained 500 people, 300 of them who work as drivers.
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