Colombia and Peru signed ‘Inter institutional Cooperation Agreement’ to promote energy-mining sector development in both countries.
Frictions between Ecopetrol (NYSE:EC) and the USO in Cartagena, as well as USO Barrancabermeja’s negotiations with Gasoriente were two of the biggest news items of the week. The union is not happy about the NOC’s latest decisions. Shocking!
The current oil price environment revives the possibility of doing fracking in the country. Oil prices have risen and their behavior has been steady in recent months. The government is preparing regulations to allow this practice in the country.
Juan Manuel Santos, President of Colombia, signed a decree to approve the royalties’ budget for 2017-2018. Colombian departments can use the money for priority investment projects.
The last two years have been difficult for oil industry because of low oil prices and social issues. This caused many projects to stop and investments to fall. Nevertheless, the Colombian Petroleum Association (ACP) believes that investment levels will increase this year.
Colombian media reported the country has one of the most expensive production processes in the world.
The department of Santander has a new high-tech oil and gas laboratory. The Santander Technologies Unit is leading this important project.
The contradictory rulings of Colombian authorities in 2016, have created legal uncertainty in the oil, gas and mining sectors.
The USO’s major topics of discussion during this week were the ‘labor massacre’ to which workers of the Masa Stork plant will supposedly be put through, legal issues with Naviera Fluvial S.A, corruption and the consequences of Terpel’s so-called fuel monopoly.
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