News and AnalysIs for

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).

The Colombian government created the ‘Green Growth Mission’ to create sustainable development. Brice Lalonde, Ex-Minister of the Environment in France and Executive Coordinator of the United Nations Conference on Sustainable Development, spoke about the country’s challenges in this area.

There is always something to be worked on to improve the sector’s performance. The issue of transportation costs has come up again so we thought we would reprint this chart from a few months ago.

Colombia is regulating the development of extractive activities in natural areas. The Senate, in extraordinary session, ruled on a new law that seeks to protect the páramos (high mountain tundra) of the country.

CEO Felipe Bayón spoke about what he expects from the new Labor Agreement that it will soon negotiate with the USO.

The USO confirmed that a new list of demands for Ecopetrol (NYSE: EC) is ready, four years after the last Collective Labor Agreement was signed.

We have been very concerned about the civil disobedience caused by the ANH’s seismic investigation in Boyacá. There was a public hearing last Friday to discuss the situation and well-known industry figure, Jaime Checa attended. He brought back this report (with photos) which only deepens our concern.