The history of the mining and oil industry in Colombia took a turn after the popular consultation that took place in Cajamarca last month. Industry expert Francisco Miranda analyzed the situation.
The sector is looking for options to increase oil production in the country and unconventional techniques are attractive for many companies. However, the government position about this issue is not clear.
The country has been waiting for offshore exploration results with optimism. Ecopetrol (NYSE: EC) announced the first big finding of the offshore exploration campaign.
Ecopetrol (NYSE: EC) is focusing on offshore projects and so the company will develop several projects this year with partners. The NOC will be the operator in one of these.
Colombia is betting on offshore exploration in the Caribbean Sea and Ecopetrol (NYSE: EC) announced gas discovery in the Kronos field a few months ago. This has generated optimism in the industry because the field could be very important for the country.
Casanare’s administrative court ruled against Parex Resources (TSX: PXT) over a project in Llanos 29 and the firm says it will contest the decision, even though it has no interest in continuing the project.
Ecopetrol (NYSE: EC) announced that it has found oil in the municipality of Rionegro (Santander). The company said that the well has a strategic position, suggesting more is to come.
The Colombian government already identified 43 blocks apt for using unconventional techniques. This has caused major controversy among environmentalists in the country.
The government and authorities have been working to boost offshore exploration in Colombia and the sector is ready to start activities this year. The companies have their plans ready; only some regulations are missing.
The most difficult years seem to be over. The industry is preparing to reactive investments And Ecopetrol (NYSE: EC) is not the exception. The company has defined a strategy to increase its reserves.
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