In a move to ensure the efficient management of Colombia’s oil and gas reserves and contingent resources, the Interinstitutional Hydrocarbons Committee will hold its inaugural meeting on August 6, 2024.
For all the doom and gloom from commentators (like us!) and falling key driver statistics, oil production is up in 2024 versus 2023. Who or what is responsible?
The Colombian economy has been grappling with sluggish growth, as evidenced by the mere 0.6% expansion in 2023. The private sector, a vital engine for economic vitality, faces numerous challenges, including bureaucratic hurdles, delayed permits, and stalled licenses.
Alexander López Maya, Director of the National Planning Department (DNP), called on all sectors of Colombian society—social, economic, and political—to allocate resources from the General Royalties System (SGR) towards implementing a new energy matrix model and environmental protection.
For the tenth consecutive year, the Colombian Petroleum and Gas Association (ACP) has released its economic report, “Trends and Perspectives of the Oil and Gas Sector in Colombia.”
Inaugurating the Colombian Institute of Petroleum and Transition Energies (Icpet), President Gustavo Petro emphasized the urgent need to move away from coal and oil due to their greenhouse gas emissions.
The economic outlook for Colombia over the next 12 months is causing less concern among institutional investors compared to a month ago, according to Davivienda’s monthly Financial Assets Survey. However, the political climate is fostering increased pessimism among them.
The Colombian Energy and Gas Regulation Commission (CREG) is poised to modify the schedule for the ongoing natural gas commercialization process.
Carlos Hernán Rodríguez Becerra, Inspector General of Colombia, recently highlighted the critical issue of declining royalty revenues and the potential repercussions for the country’s economy.
The Ministry of Mines and Energy (MinEnergia) has released a draft decree amending Resolution 00279 of March 30, 2023, regarding the annual tariff adjustment factor for oil pipeline transportation.
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