Late Friday afternoon, the State Council issued a decision suspending existing fracking regulation. Recent governments have denied there was any regulation on fracking so it is not clear what the implications might be, nor is it clear what impact this might have on Ecopetrol’s (NYSE:EC) proposed trial.
The non-public oil sector proposed pilot fracking projects in the Magdalena Medio Valley (VMM) to show Colombians that these projects could be developed in a friendly way with the environment. However, the National Agency of Environmental Licenses (ANLA) decided against this alternative.
The Minister of Mines and Energy (MinMinas) announced that 10 experts will define the future of fracking in Colombia. We looked at who was appointed, what might be known about their pre-conceptions and what the implications might be.
The oil sector has invested large amounts to improve its operations and be more efficient. The oil transport has not been left behind and the industry is betting on the technological improvements to achieve economic benefits.
The Colombian government is analyzing several options to generate extra cash in 2019. Alberto Carrasquilla, Minister of Finance (MinHacienda), is preparing a decree to leverage the good financial moment of the oil sector and increase Colombian fiscal resources.
The National Agency of Environmental Licenses (ANLA) said that investors from Chile, Turkey and India, among other countries, are interested in learning about Colombia’s licensing system.
During a first debate, the House of Representatives’ First Commission approved the project to modify the General System of Royalties (SGR). These and other stories in our periodic Royalties summary.
Bogota announced the renewal of the bus fleet for Transmilenio, but this decision was not well-received in some sectors.
Francisco Lloreda, President of the Colombian Petroleum Association (ACP), wrote an Op-Ed about fracking.
Ecopetrol’s (NYSE:EC) Vice president of Production and Development, Héctor Manosalva, spoke about the fracking pilot project that was recently announced by CEO Felipe Bayón.
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