Colombia has not had oil rounds for several years, which has affected the sector’s outlook for the medium and long term. However, the National Hydrocarbons Agency (ANH) plans to offer new areas in the coming weeks.
Climate change and misinformation, among other issues, have pressured the industry to reinvent itself and adjust to a new reality. Julio Cesar Vera, president of the Colombian Association of Petroleum Engineers (Acipet) explains how he believes the process is going.
The Minister of Mines and Energy (MinMinas), Maria Fernanda Suarez, highlighted the importance of the industry for Colombia’s social and economic development, especially in the department of Santander.
The Constitutional Court has been active lately, addressing a number of important issues like the apparent legal conflict between the central government’s ownership of the subsoil resources and local communities’ rights to determine what happens on the surface. We were talking with Hernán Rodríguez, Partner at Dentons, Cárdenas and Cárdenas about the conundrum and he offered this discussion of so-called ‘Cumaral ruling’ which resolves some issues but introduces others.
In its December 13, 2018 Board meeting, the ANH made several important decisions, designed to improve block assignment and restart exploration.
Oil prices have decreased considerably in recent months, generating concerns in the sector. The Organization of Petroleum Producing Countries (OPEC) agreed to reduce its production to counteract this situation, which could benefit the country.
The National Agency of Environmental Licenses (ANLA) spoke about the forum that took place in Mocoa (Putumayo), where authorities were able to discuss monitoring-network strategies in the area.
Marcela Amaya, Governor of Meta, showed her concern about the royalties’ distribution for the coming years. She contradicted some of the María Fernanda Suarez, Minister of Mines and Energy (MinMinas), comments about the budget for the region.
According to the National Hydrocarbons Agency (ANH), Colombia is finally ready to start pilot projects for the development of unconventional resources.
After a few debates in the Senate, the Ministry of Finance (MinHacienda) and the Ministry of Mines and Energy (MinMinas) confirmed how next year’s royalties’ budget will be allocated. These and other stories in our periodic Royalties summary.
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