Last week’s article on long-term oil prices did not get a lot of readership. Maybe it was too heavy on the data analysis and too light on policy recommendations. This article focuses on policy.
Last week, leaders from the oil and gas industry came together (virtually) to launch Mujeres Oil and Gas, an initiative to bring greater gender equity to the sector. We attended and brought back this report.
We normally do not write about global issues – we assume that you have your own sources for this information. But BP recently published its Energy Outlook after a long, Covid-19-induced delay, and, if an accurate reflection of the future, there are profound implications for the industry and for Colombia.
Two weeks ago I wrote, “The past six months have provided ample evidence of the dangers of applying ‘political intuition’ to issues that require scientific evidence and scientific reasoning.” This week provided ample evidence that this point has not, in fact, been understood.
While doing the rounds of editorial boards in honor of Ecopetrol’s 69th birthday, CEO Felipe Bayón’s message was that the Colombian government should not sell any part of the NOC, especially Cenit. The company’s 2Q20 results show why: without the Transport sector, his company would be a far worse financial situation.
As the country creeps closer and closer to fracking trials, the opposition gets shriller concerned that economic interests will overcome environmental considerations. Concerned that the courts might make a pro-fracking decision, members of Congress from several parties across the center and left have filed a bill to prohibit the practice. That inspired the associations representing the oil and gas industry’s professionals to make a plea for science to carry its proper weight in these deliberations.
Our readers do not have to be told 2020 (so far) has been a bad year for oil prices. They probably realize that this cannot be a good thing for profitability. What may not be so intuitive is that prices have fallen so far that Colombian gas has (again) become more profitable than Colombian oil.