News and AnalysIs for

This week November production was released and average crude production stayed just above a million barrels. The tax reform bill has made it out of the senate while rumors on Ecopetrol (NYSE:EC) management change continue to distract from the NOC’s need to change pace.

We were tempted not to write this story since by now everyone remotely connected to the industry must have read or seen hundreds of stories. But we think there will be long-term consequences to the industry if this really is a structural change in prices.

This month, our exploration of Mexico continues with an article on the new regulatory framework. Our guest commentator is Valerie Dourdin of the International Migration Organization who has much experience dealing with the kind of social problems arising from the sudden development of a new project.

It is time for our quarterly look at stock prices and as always we shine a spotlight on Ecopetrol’s market performance.

Water is a current industry issue and we start this month with an extended interview with Jaime Checa who works for Hocol, but is also the head of the Colombian Petroleum Geologists and Geophysicists Association.

This month we finish our coverage of the 2014 Round, look at stock prices and offshore exploration, and discuss community-related issues.

The 2014 Round of bid auctions and the associated VI Colombia Oil and Gas Investment Conference in Cartagena was the most anticipated event in the industry calendar so we devote a number of articles to that, including our unofficial, unsanctioned analysis of who won what and the translation (with our commentary) of MinMinas Amylkar Acosta’s defense of the outcome.

On Wednesday, July 23^rd in Cartagena, 38 companies will look at 95 blocks and place their bets. What do we think they will do?

Without really planning it this way, this month’s report has several articles on the same topic: the relationship between the industry and the community.

Royalty reform or rather counter-reformation is the subject of a long article this month partly because MinMinas Acosta brought it up but mostly because we believe that the current system is the cause of much community conflict.