“With little information and less preparation, the government has already signed 13 contracts to produce oil with these controversial technology”, warns a national publication, and says that fracking is a risky answer to Colombia’s falling reserve count.
The president of the Colombian Petroleum Association Francisco Lloreda warned that in addition to the risk of importing crude in 2022, by next year the country will be forced to import natural gas to cover its demand. Venezuela has also said that it is ready to export gas to Colombia.
When oil prices were above US$100 and the money was flowing — the ‘bonanza’ as many publications like to call it — an estimated CoP$57T (US$19B at current exchange rates) flowed into government coffers. Where did this capital get spent?
It has now been three months since Mauricio de la Mora stepped down as the president of the National Hydrocarbons Agency (ANH), complicating any effort by the government to strengthen the oil industry, but the government does not seem in a hurry to replace him.
Following accusations from the retail fuel station association Fendipetróleo that Terpel is taking advantage of its status as a wholesaler and retailer of fuel to crush small businesses with an unfair advantage and low prices, the firm’s president Sylvia Escovar responded.
The Minister of Mines and Energy (MinMinas) Germán Arce attended the official handover of the Rubiales field and said that the field was never really under any ownership other than the Colombian public, and its resources are needed for the post conflict transition.
Public rejection of an environmental license for production near “the world’s most beautiful river”, Caño Cristales, might have led the revoked license of Hupecol, but the uncertainty is much bigger, considering how many more projects are in the same area.
By enacting a peace agreement, Colombia will have an opportunity to develop the knowledge of its subsoil to visualize opportunities and threats, said the Minister of Mines and Energy (MinMinas) Germán Arce.
The Colombian Chamber of Oil Goods and Services (Campetrol) expects that the oil sector’s Foreign Direct Investment (FDI) will drop 42% in 2016 to US$4.72B, and has bleak perspectives through 2020 if key policy issues are not addressed.
Both the Colombian Petroleum Association (ACP) and the Colombian Association of Oil Engineers (ACIPET) welcomes the recent ceasefire agreement, and said that the oil industry has been one of the sectors most affected by the armed conflict.
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