According to figures from the Colombian Chamber of Oil Goods and Services (Campetrol), the oil industry has contributed nearly CoP$215.9T (US$72.2B) since 2006, and this demonstrates the importance of the industry and its financial health.
Colombia has been relatively successful in attracting investment to its oil industry over the last few years, and this seen in the signing of US$12.15B with the National Hydrocarbons Agency (ANH), but its president Orlando Velandia said that to see this capital materialize, greater management is needed from the government.
The president of Colombia’s Conservative Party David Barguil wrote a column saying that it is not enough to merely hope for better oil prices and bet on a diversified productive base, the government must extend urgent measures to the oil industry for the better of the whole country.
The General Controller Edgardo Maya Villazón urged a reworking of the government’s strategy to ensure gas supply in times of crisis, and said the current strategy is not effective.
The last two weeks have seen a number of high profile oil spills due to attacks on pipelines, overturned tankers, flooding and damaged road infrastructure. These and other environmental stories in our periodic summary.
The government has a number of vacancies in key positions affecting hydrocarbons and electrical energy which have extended for some time now. These are causing concern among industry members due to the impact they could have on decisions affecting public policy.
Shortly after the draft was published, Norton Rose Fulbright approached us and offered to publish an overview of the 114-page document. However, the document is so long and so complex that even an overview will have to be published in installments. Here is the first piece that deals with the overarching themes, such as the fact that it would completely rewrite the most important components of the existing regulation.
The Colombian Petroleum Association (ACP) has made a list of what the sector needs to keep production constant and Colombia’s Senate held hearings to hear testimony from industry leaders and authorities, as the central government prepares for a much anticipated tax reform.
The Minister of Mines and Energy Germán Arce said that the government will have the hydrocarbons sector in mind when drawing up its tax reform, to accelerate and reactivate exploration activities.
The formal date for the signing of the peace agreement has been set for September 26th, days ahead of the scheduled October 2 plebiscite. The signing ceremony will take place in Cartagena. Meanwhile the Farc have suspended a conference to discuss the agreement within their ranks.
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