News and AnalysIs for

Colombia’s central bank updated its official numbers for Foreign Direct Investment (FDI) in the petroleum sector and there is good news and bad news.

The Colombian Petroleum Association (ACP) offered up its most detailed defense of fracking in Colombia as one of the important strategies for growth in production in the near future, saying “it is nothing new and can be done safely”.

The Labor Minister Clara López has warned that a profound labor crisis is affecting the departments of Meta, Casanare and Vichada, as 50% of the 120,000 jobs with the oil industry have been lost during 2015 and 2016 thus far.

With the second half of 2016 already underway, a promised tax reform from the government could be in the works, and the president of the Colombian Petroleum Association (ACP) outlined the entity’s arguments for greater incentives for the industry in recent interviews.

The Atlántico Department has high hopes for innovation that can be gained from having several potential industries increasing activity at home: agroindustry, offshore exploration, petrochemicals and metalworking.

The president (acting) of the National Hydrocarbons Agency (ANH) Orlando Velandia participated in a forum in the Senate to discuss an energy agreement “The International Energy Charter”, of which Colombia forms a part. He also talked about the importance of supporting the hydrocarbons industry.

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.