The environmental debate surrounding oil production in Colombia turns to again to the impact on water sources, while Ecopetrol (NYSE:EC) and Parex (TSX:PXT) have announced conservation programs and alliances. These and other environmental stories in our periodic summary.
A high Cartagena court has halted the construction of a strategic section of a natural gas pipeline which would help supply thermal generators in Cartagena with the fuel.
The USO said that a meeting with Barrancabermeja and Santander Departmental authorities was successful and that the coalition has agreed to a program to force Ecopetrol (NYSE:EC) and the government to review the modernization of the city’s refinery.
Hocol reassured the San Juan de Arama Municipality that despite alarms being sounded that it had an imminent plan to extract crude from oil sands, it has no plans to do so and its environmental license does not contemplate it either.
The National Planning Department performed an analysis to determine which departmental governments, municipalities and other executive royalty entities of the country are best managing royalty resources.
Corporate Social Responsibility (CSR) projects have been hit hard by the fall in oil prices and the continued closure of wells and projects. In Santander authorities say over 2,500 jobs have been lost and in Casanare well closures spark concern. These and other CSR-related stories in our periodic summary.
The Constitutional Court Decision on projects and the prior consultation process in Orito Putumayo and Puerto Gaitán, Meta have put the legal certainty of extractive projects in limbo, and more decisions are expected.
Drawing parallels to the Cartagena Refinery, the USO has turned its attention to the delays and problems that have plagued the construction of an ethanol plant by Ecopetrol (NYSE:EC) subsidiary Bioenergy.
The General Controller Edgardo Maya Villazón released a report on the handling of royalty funds which included 134 “findings” which the entity considers a misuse of the funds, while a financial institutions industry association warned that the royalty system has not helped reduce the infrastructure gap. These and other royalty-related stories in our periodic roundup.
Communities in the area of influence of Ecopetrol (NYSE:EC) warn that the NOC is nearly their only strategic partner, paying for roads, infrastructure and social programs, and so they face an uncertain future as the NOC slashes its costs.
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