News and AnalysIs for

The Colombia Chamber of Oil Goods & Services (Campetrol) estimates that as many as 15,000 workers with oil contractors have lost their jobs thus far due to the fall in oil prices, and that the cuts will likely continue.

Ecopetrol (NYSE:EC) says it has a contingency workforce and that a strike by the USO oil workers union would be illegal and could lead to dismissals. Meanwhile the union is preparing a 24 hours strike for March 19, which could be expanded into an indefinite one.

Nunchía authorities agreed to expedite the disbursement of CoP$1B (US$380,000) for electrification and gas coverage expansion from the Bicentennial Pipeline while the ANH and UN Development Program have started workshops to improve community relationships with the industry. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.

The Casanare administrative court will inspect Mate Marrano wetlands after The National Environmental Licensing Agency (ANLA) did not show for a hearing, and authorities say that thus far Paz de Ariporo is not suffering from drought conditions like last year. These and other environmental stories in our periodic summary.

With the naming of former Santos Finance Minister Juan Carlos Echeverry as the new president of Ecopetrol (NYSE:EC), the government planning to convert the NOC into a handy cash box to meet its immediate needs warned USO president Edwin Castaño.

A report of the Agustín Codazzi Geographical Institute (IGAC), which oversees political and land borders says there are 84 “questionable borders”, many of them falling in producing regions. Of these 20 will be prioritized in 2015 for clarification.

Companies from Meta and Casanare associated with the oil & gas industry are working with an initiative of the commercial vendors association Fenalco’s Meta chapter to consolidate an Orinoquia-based cluster to better integrate this industry.

The Central Workers Union (CUT) has entered the labor dispute generated as companies cut costs due to the fall in oil prices, and is promoting a strike of oil workers. Meanwhile the USO oil workers union has the member vote to strike, and promises that they will take action very soon.

The new royalty system amounted to a substantial drop in resources received as royalties by producing departments, and now in Meta the estimate is that of the established budget, only 50% will come through due to the fall in oil prices. This and other royalty ready stories in our routine wrap up.

Corporate social responsibility (CSR) are exposed to deep cuts due to the oil price, although there are still many 2015 projects that already have their funding assigned, and Ecopetrol (NYSE:EC) has a steady flow of projects that have hit the press. These and other stories on CSR in our periodic summary.