News and AnalysIs for

The Colombian government failed to meet its oil production target for 2016 (what a surprise). The Ministry of Mines and Energy (MinMinas) reported data for December and the annual average extraction in the country.

German Espinoza was appointed as the new executive president by the Colombian Chamber of Petroleum Goods and Services’ (Campetrol) Board of Directors and will assume office on February 1^st, 2017.

The Colombian Petroleum Engineers Association (ACIPET) has a new board and elected Julio Cesar Vera Díaz as the new Chairman. Acipet published an interview with Vera Díaz and we bring a brief summary of it.

After months of speculation, seems like negotiations between the Government and the ELN will start on February 7 in Quito, Ecuador, five days after the ELN releases former congressman Odín Sánchez.

Oil production will continue to fall. The National Government estimated it for the financial plan for 2017 and some days ago, Mauricio Cárdenas, Minister of Finance, presented this plan.

According to the most recent audit report from the General Comptroller, royalties left by oil production and extraction in Colombia were not used in the best way by 17 departments and 22 municipalities.

The panorama presented by the Regional Economic Bulletin (BER) for the departments of Meta, Casanare, Amazonas, Guainía, Guaviare, Vaupés and Vichada, corresponding to 3Q16 was not very encouraging. 2017 will bring big challenges for Colombia’s southeastern region’s economy.

Implementing the peace agreement with the Farc will occupy much time with the Congress and Senate this coming quarter. There will probably be little time for anything else.

Óscar Sánchez, president of USO Bucaramanga said that appointing Luis Guillermo Vélez Atehourtua as head of Ecopetrol’s health administration motivated them to start the year with a peaceful takeover Bucaramanga’s CAL (medical center).

The Colombian Petroleum Association (ACP) hopes to see a rebound in the sector in 2017 after concluding a negative year in 2016 which saw a steep fall in prices, lower production, investment and exploration.