The sector is facing a boom of popular referendums, which is creating legal uncertainty among investors. Germán Arce, MinMinas, spoke about the sector and its benefits for country and the department of Meta.
Colombia’s Central Bank (Banrep) released 1Q17 Foreign Direct Investment (FDI) figures for the country. This increased in the sector compared to same period last year, despite current legal uncertainty and social unrest.
The National Environmental Licensing Authority (ANLA) granted an environmental license to Ecopetrol (NYSE: EC) to develop offshore activities in front of La Guajira. The ANLA explained this decision.
Through a letter, the governor of La Guajira Weilder Guerra Curvelo, asked Juan Carlos Echeverry, CEO of Ecopetrol (NYSE: EC,) to link the department to the national economy.
After two years of adjustments to face the fall in oil prices, Ecopetrol (NYSE:EC) is ready to invest CoP$50T during the next 5 years.
Cities in the Colombian coast invited companies to their territories to set up their facilities to carry out offshore projects, and it seems that Barranquilla is wining this competition.
Ecopetrol (NYSE: EC) plans to recover the lost ground during the oil crisis. The company has big plans and investments to achieve it in the medium term.
Francisco José Lloreda, president of the Colombian Petroleum Association (ACP) said that exploration should be encouraged, and for this to happen it is essential to overcome legal uncertainty.
Ecopetrol (NYSE: EC) has big plans for the Gulf of Mexico; the Company participated in Round 2.1 and won two blocks. The company has high expectations for the results of its projects in Mexico.
Colombia wants to leverage the navigability of the Magadalena River but authorities expect large investments will be needed to achieve it. Ecopetrol (NYSE: EC) and Cormagdalena announced an agreement to invest in this important river.
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