Colombia and Peru have received more interest from foreign investors as traditional markets like Brazil and Mexico have been hampered by economic problems. But despite this positive news, Latin America still ranks low as a priority for global investors, according to a recent survey.
The Superintendent of Industry and Commerce has opened an investigation of Ecopetrol (NYSE:EC) and a suppliers association in Meta, based on accusations of forming a cartel to control the production and distribution of construction materials destined for the oil industry.
E&P firm Hocol says that it will drill an exploration well, named “Pegaso”, in the CPO 16 block, located in La Macarena, Meta, near the area where an exploration program of Hupecol caused widespread controversy and a revoked license.
The president of the Colombian Petroleum Association Francisco José Lloreda has joined calls for the government to take special actions to guarantee that special Farc concentration zones do not put hydrocarbons projects at risk.
The propane sector has been through a process of formalization that started in 2010, and a new regulatory framework underway could enhance this transition and bring more growth for the fuel, says Nicolás Botero-Páramo Gaviria president of the propane association Gasnova.
The constant decline of existing gas fields like those in La Guajira, and a lack of new sources has spelled the end to an expansion of thermal generation plants designed to back up the general electrical grid.
The General Controller (CGR) Edgardo Maya Villazón has issued yet another report which found multiple ‘white elephant’ projects in 16 departments. Exactly the problems the General Royalty System and the overall of the royalty scheme were supposed to prevent.
The director of the Energy and Gas Regulation Commission (CREG) Jorge Pinto Nolla said the entity’s main strategy to supply the market with natural gas is based on regasification plants, and clarified that natural gas appears, it does not just result from a plan.
The Minister of Labor Clara Lopez was again on the trail in Colombia’s regions denouncing the labor losses of the oil industry and effects for local economies, while an issue in Huila on disabled workers has received greater attention after a Senator intervenes.
In light of the reopening of the Venezuela-Colombia border, the Minister of Finance (MinHacienda) Mauricio Cárdenas said that more must be done in Venezuela to prevent the entry of contraband fuel, which brings negative social consequences.
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