News and AnalysIs for

President-elect, Ivan Duque, announced that Ecopetrol’s (NYSE: EC) CFO, María Fernanda Suárez, will be the new Minister of Mines and Energy (MinMinas).

President elect, Iván Duque, appointed Ricardo Lozano as the new head of the Ministry of Environment and Sustainable Development (MinAmbiente).

Bogotá’s Chamber of Commerce hosted an event where industry entrepreneurs and public entities talked about the Most-Affected Areas by the Conflict (Zomac). We attended and brought back comments from the industry as well as our own impressions.

The Ministry of Mines and Energy (MinMinas) with the National Hydrocarbons Agency (ANH) reported on their management during the last eight years. The entities highlighted results in reserves, drilling and seismic.

Iván Duque, President-elected of Colombia, made several economic proposals to improve the country’s development including lowering corporate taxes. The business paper Dinero analyzed the feasibility of these proposals.

A few weeks ago, we looked at BP’s recently published annual statistical summary of the global energy market. At that time, we did some country-by-country comparisons in a static view. This week we look at changes over time, within Latin America.

A few weeks ago, the National Hydrocarbons Agency (“ANH”) published its new model contract for offshore exploration and production activities.  Although some parameters are specific to offshore, others reflect how the Agency’s thinking has evolved since 2014, the last time it held a block auction to award offshore areas. Norton Rose Fulbright Colombia’s oil & gas team volunteered to write this summary.

According to the NOC’s representatives, Ecopetrol (NYSE:EC) modified its management structure to align it with its current stage of growth and competitiveness.

The Extractive Industry Transparency Initiative (EITI) confirmed that Colombia is the first country in the continent to reach the ‘satisfactory progress’ category.

The outlook for the Oil Saving and Stabilization Fund (FAEP) and the Fuel Price Stabilization Fund (FEPC) in the short and medium term is not encouraging, according to projections by the Ministry of Finance (MinHacienda).