The government’s royalty intake was 31.3% lower in 2015 than the year prior, falling to CoP$5.3T, and is expected to continue its fall in 2016. The figure, which comes from the National Hydrocarbons Agency (ANH) is the lowest since 2010. This and other royalty related stories in our periodic summary.
The drop in spending, shuttered fields and suspended contracts have left many of the industry’s workers without a job, with estimates running between 40,000-60,000 affected individuals. A Colombian consultant in matters of pensions has some advice for those left without work.
The Association of Colombian Oil Goods and Services (Campetrol) said that at a price of US$34.41/barrel, 92% of Colombia’s producing fields yield a netback. The problem however lies in the high regional costs, blockades and now court decisions which cut into the country’s competitiveness.
Ecopetrol (NYSE:EC) announced a national campaign which looks to recognize projects which are leading the way in innovation and competitiveness in issues that directly affect oil producing regions. This and other stories related to Corporate Social Responsibility in our periodic summary.
The Constitutional Court has suspended another project after it ordered the immediate suspension of the construction of a gas pipeline in the Pascacaballos settlement near Cartagena, and ordered the project to hold a prior consultation process with several local groups.
The USO unloaded against the manager of the Barrancabermeja Refinery Orlando Díaz Montoya and alleged that the refinery has lost a large sum of investment due to poor planning, the hiring of foreign workers, and other costly errors.
Senator Maritza Martínez has cited several ministers, including the Ministry of Mines and Energy, to a debate to analyze the options for Colombia’s hard-hit oil producing regions, which have seen a serious loss of jobs and investment following the drop in oil prices.
The Murui people of the Monai de Jitoma community in the Puerto Leguizamo Municipality say they will not support an oil exploration project and argued so in a recent prior consultation hearing, but the operator says it will still move forward with the project as their approval was not an obligation. What happens next?
A study from Ipsos and FTI Consulting showed that in Colombia’s private business sector, hydrocarbons, mining and energy firms were deemed to be those with the greatest amount of challenges facing their reputation.
Equion Energy received accolades for a program in which it hired demobilized combatants as part of a transitional initiative. This and other Corporate Social Responsibility (CSR) related news in our periodic summary.
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