At one time in late May, there was a hope that oil prices were rebounding, that somewhat like 2008/2009 there would be a rapid so-called ‘V-shaped’ recovery.
Between comments by Campetrol President Rubén Dario Lizarralde, stories about services companies in trouble by Colombia’s Superintendent of Companies and reading between the lines of E&P companies’ comments about Capex, no one should be surprised by the overall shape of this graph.
The Colombian mining industry has developed a tool to monitor elite-, press- and local-community-perceptions of the sector.
This article by contributor León Teicher first appeared in Colombia’s national business newspaper, Portafolio. We think it perfectly captures the frustration most of us feel over the asymmetry between environmental management of major companies and the environmental damage by traditional agriculture or, as in this case, by the guerrilla.
The Farc announced the end of their unilateral truce on the 22nd of May and another one will start on July 20th. In between has been one of the more intense periods of violence in recent memory with a significant amount of the incidents directed specifically at oil and as infrastructure.
On average, the major Colombian-committed producers improved their performance relative to global indices. The curve shows the average of all the stocks we track (see Methodology Note) adjusted for the average of the TSX Oil and Gas index (TXOI) and the corresponding NYSE index (^XOI) – a proxy for the global performance of oil and gas stocks generally.
Today, with oil prices 45% below where they were last year, many companies are laying off staff. But when times were good, resources were hard to find. Companies complained that they often were forced to bring in expats – or even hire Colombians at expat rates – because of a lack of local talent.
The Colombia-Canada Chamber of Commerce (CCCC) is a protagonist in the oil and gas industry, considering the importance of Canadian investors in the sector.
For us, last week was the last of the quarter because we use Friday closing prices for our tracking. Traders feared the impact on demand of a ‘Grexit’ and Baker Hughes North American rig counts finished higher for the first time in this year.
We think Ernesto Borda is one of the clearest observers of the social and security challenges in Colombia’s countryside. His firm, Trust Consulting, helps companies in the extractive sector manage the complex political, social and security environment where they operate.
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