The change to the General System of Royalties (SGR) has been one of the main causes of social discontent against the oil industry in recent years. Iván Duque, Presidential Candidate, spoke on this subject in the departments of Casanare and Meta.
The General Comptroller’s Office investigated projects financed with royalties’ resources in Casanare; a department known for its irregularities in the use of these resources. These and other stories in our periodic Royalties summary.
The oil sector considers that unconventional projects are the key to guarantee energy self-sufficiency in the long term. Barrancabermeja has potential in these types of projects, but Dario Echeverri, mayor of the city, made a proposal that could affect several plans in the region.
Oil prices and dollar exchange rates are two of the most-watched metrics in the country. These two have had a variable behavior in recent months. Mauricio Cárdenas, Minister of Finance, spoke on this issue and the benefits of an increase in oil prices.
Oil companies have allocated significant resources to social investment in recent years, despite Colombia’s social and security issues. The oil boom helped to increase this metric, but investments continued despite the oil crisis.
The Ministry of the Environment (MinAmbiente) announced that the country is satisfactorily progressing in this process that will bring it a step closer to taking actions to face climate change.