Two of the largest Colombian workers’ unions have called on the government to take immediate action to stimulate oil activity and counter a near stagnation in exploration activities.
The National Hydrocarbons Agency (ANH) held its account rendering session for the first half of 2016, and highlighted its efforts to mitigate the adverse effects of the fall in oil prices and the challenges left for the rest of the year.
A recent report from the National Planning Department (DNP) found that there are 122 royalty funded projects worth around CoP$1T (US$324M) which are in a “critical state of execution” and suffering from delays and management problems.
President Juan Manuel Santos released more details on the timing for signing a final agreement with the Farc and said that the plebiscite can be ordered before the final agreement is signed.
The opposition to fracking in Colombia has been simmering for some time, but reached a new level last week after Santander’s Departmental Assembly unanimously voted against the technique in their territory.
Iván Cortés, the manager of Llanopetrol, the controversial firm created by former Meta Governor Alan Jara to build a refinery in the department, took to the press to defend the project, and assured that it is no white elephant.
A work team of experts from the National Hydrocarbons Agency (ANH) attended the Cesar Department Assembly to encourage dialogue and address concerns from local authorities.
The president of the association of fuel stations Fedispetrol Álvaro Younes said that contrary to what the government’s formula has yielded, fuel prices for both gasoline and diesel should be falling, and be at least CoP$300-400 (US$0.09-0.12) less per gallon.
The Minister of Finance (MinHacienda) Mauricio Cárdenas has his eyes on royalty savings, and is urging lawmakers to pass a bill that would allow the government to use the CoP$10T (US$3.25B) that had been set aside from royalty payments. This and other royalty-related stories in our periodic summary.
A report from the United Nations Development Program (UNDP) said that the government has been able to avoid the worst consequences of a fall in oil prices, but that with a price of US$60/barrel there are worrying signs for the midterm future.
2025, Hydrocarbons Colombia, All Rights Reserved.
