The Ministry of Mines and Energy (MinMinas) has approved three more measures to promote exploration and production and confront the fall in oil prices. The Agreement 03 is part of its “PIPE” stimulus for the industry.
As the government concedes that maintaining a million barrels a day will prove increasingly difficult, the Finance Minister Mauricio Cardenas says projected oil revenue for 2016 could be six times lower than in 2014.
Research institute Fedesarrollo has issued an alert on the long term impact on the fiscal budget due to the fall in oil prices and a likely drop in oil production, with the deficit growing wider than legal limits by 2019.
The mayors of Ortega, Purificación and Melgar in Tolima joined to vent their shared concerns on royalty distribution and expedited environmental licenses issued by the National Environmental Licensing Agency (ANLA).
A monitoring tool for the general public Maparregalías has been unveiled, and it offers a window into CoP$16.8T (US$5.5B) in royalty resources that have been approved for projects in the first half of 2015, meanwhile a report reveals inefficiency in royalty project execution. These and other stories in our periodic roundup.
Repeatedly cited as one of the drawbacks for the industry, the government announced a new framework for environmental licensing, and the Chamber of Oil Goods and Services (Campetrol) found that the proportion of licenses approved versus those filed has changed since the last year.
Much has been said about the formula used to determine monthly gasoline and diesel prices, especially since the fall of international crude prices. But it is becoming clearer that the Brent and WTI have only a small impact in the Ministry of Mines and Energy (MinMinas) calculations.
Following up on actions in 2014, the Ministry of Mines and Energy (MinMinas) has extended a series of workshops to facilitate better relations between regional authorities, companies and communities, choosing Arauca as the first host for the meetings this year.
A local paper published a document from Caquetá professionals in the field of social research who see the region’s unique environmental riches and the impact on the social conflict as the main reasons why the region is not suited for oil production.
The Ministry of Mines and Energy (MinMinas) presented a study, in the presence of President Juan Manuel Santos, which highlights how great things have been for the energy and mining sector over the last five years.
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