The blame game is in full effect, and now the General Controller has said the Cartagena Refinery contractor charged with the cost laden modernization project CB&I (NYSE:CBI) is looking to pull out of Colombia without passing over documents requested by the control entity in an audit of the project.
The Ministry of Mines and Energy has lowered fuel prices in February, and highlighted the falling fuel prices over the last year.
The USO welcomed the recent report from the General Controller which questioned the budget overruns in the modernization of the Cartagena Refinery (Reficar), saying that it proves their concerns were warranted and that the outsourcing model is bringing harm to the nation. Meanwhile, workers in two different instances have their own accusations against the union.
The National Hydrocarbons Agency is accepting comments until January 31 on proposed changes to the area assignment process, the last step before implementing a new model which it hopes will offer more flexibility and attract new players and investment to Colombia.
In the days since the release of the General Controller’s report on the cost overruns associated with the modernization of the Cartagena Refinery (Reficar), the revelations have caused many to take to the media with their own interpretation of the events and what it means. We share some of the more notable ones.
The General Controller has released a 200 page report on the cost overruns incurred in modernizing the Cartagena Refinery, and accused Ecopetrol (NYSE:EC) of spending US$4.02B more than the original budget.
Outspoken Casanare congressional representative Jorge Camilo Abril warned the Colombian Petroleum Associations (ACP) that since oil companies benefited for nearly 15 years from oil prices around US$100/barrel, the high profits should mean they increase their investments in hard times.
Alirio Barrera has taken office as Casanare Governor and immediately took to one of the department’s main issues: the General Royalty System (SGR). In a development event organized by the SGR’s handler, the National Panning Department, he called for a new royalty reform.
The Finance Minister Mauricio Cárdenas gave an interview in the World Economic Forum’s annual Davos meeting and insisted that Colombia’s economy is successfully weathering the turbulence of the continued fall in oil prices. Meanwhile back in Colombia, doubts arise as to how to finance the government’s National Development Plan.
The granting of an environmental license for production blocks in the north of the Caquetá Department has local authorities, communities and press sounding the alarm and now a committee has been formed to address production in the area.
2025, Hydrocarbons Colombia, All Rights Reserved.
