The royalty budget planned for 2015-16 will not be manageable with oil at its current level, and needs to be cut by at least 30.8%, warns the General Controller. Meanwhile press reports on which regional entity is the worst in terms of royalty management abound. These and other stories in our periodic roundup.
The capital of the Atlantico Department, Barranquilla is looking to position itself as the logistics hub for offshore hydrocarbons activity in Colombia’s Caribbean waters.
The USO celebrated its 93rd birthday on February 10th and said that its past has been marked by defending Ecopetrol (NYSE:EC), and also called the National Hydrocarbons Agency (ANH) a failure which should be shuttered.
The recent decision of the Constitutional Court to prohibit oil activities in Orito, Putumayo goes much deeper than that particular municipality. It signals a shift in the balance of power between Bogotá and regions when it comes to extractive activities.
Ecopetrol (NYSE:EC) has made a push in local press to justify its adjustments to contract values as a measure to protect employment and the value of the company in oil producing regions, but says that communities must work with it to do so.
Alarms from environmental groups in Casanare has put a seismic campaign planned by Canacol Energy (TSX:CNE) into a firestorm of controversy over a permit to extract water from the Cravo Sur River.
Regional leaders are looking to Ecopetrol (NYSE:EC) to counter cuts in spending on local goods and services and Corporate Social Responsibility (CSR) programs, both of which have been hard hit by the fall in oil prices. These and other CSR-related stories in our periodic summary.
The USO says that direct negotiation with services-firm Halliburton (NYSE:HAL) has not produced an agreement, and called on its members and all other workers to vote for a strike.
The Constitutional Court has ordered the immediate suspension of oil activities in the Orito Municipality in Putumayo, and ruled that there was no prior consultation with indigenous communities in the region.
The oil industry’s actions to mitigate the fall in oil prices has meant slashed budgets and laid havoc to the goods and services sector. Not even the infamous but powerful Community Action Comittees (JACs) have been left out of the consequences.
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