The Association of Colombian Oil Goods and Services (Campetrol) said that at a price of US$34.41/barrel, 92% of Colombia’s producing fields yield a netback. The problem however lies in the high regional costs, blockades and now court decisions which cut into the country’s competitiveness.
In the first major regulatory act of the new Minister of Environment Luis Gilberto Murillo, a new council will review the process to award environmental licenses and will no longer look to meet established timeframes for “expedited”, or “express” environmental licenses. The measure could affect licenses which have already been granted.
The Constitutional Court has suspended another project after it ordered the immediate suspension of the construction of a gas pipeline in the Pascacaballos settlement near Cartagena, and ordered the project to hold a prior consultation process with several local groups.
The Minister of Environment (MinAmbiente) Luis Gilberto Murillo has announced the new director of the National Agency of Environmental Licenses (ANLA) will come from within the ministry, tapping the current Director of Climate Change of the ministry, Rodrigo Suárez Castaño.
The fall in oil prices has led to a 13% drop in Colombia’s proven reserves, with 2.002B barrels registered by the Ministry of Mines and Energy (MinMinas). This brings the production/reserves ration down to 5.5 years based on 2015’s average production.
Senator Maritza Martínez has cited several ministers, including the Ministry of Mines and Energy, to a debate to analyze the options for Colombia’s hard-hit oil producing regions, which have seen a serious loss of jobs and investment following the drop in oil prices.
The Murui people of the Monai de Jitoma community in the Puerto Leguizamo Municipality say they will not support an oil exploration project and argued so in a recent prior consultation hearing, but the operator says it will still move forward with the project as their approval was not an obligation. What happens next?
The former president of the National Hydrocarbons Agency Mauricio de la Mora left his post with an array of initiatives in place, and a recently released interview gave more detail into the thinking that went into his policy decisions.
The commission responsible for reviewing the functioning of the General Royalty System (SGR) met in its 35th session, and approved changes which are expected to make the process easier for local political leaders to get their projects reviewed.
The Association of Oil Goods and Services (Campetrol) reported one of its biggest drops yet in the use of rigs during March 2016, and authorities urge greater focus on expanding reserves and exploratory activity. But to do so there are several critical obstacles that must be addressed.
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