Ecopetrol (NYSE:EC) president Juan Carlos Echeverry has in the past defended what others consider high taxes on oil companies, but in a recent report a national radio chain says he sees the nearly 70% state take as being a barrier to foreign investment, affecting in particular exploration wells.
The USO held its Second National Assembly for Peace, in which it said that its work in a post-conflict it would focus on mining-energy policy, regional development and “promoting the culture of peace”.
Senator Manuel Guillermo Mora has called for the government to turn to coal instead of gas to supply thermal generators, and to establish a price stabilization fund using royalty savings.
The OCAD decision-making bodies include a multilevel representation of different government entities and have the power to decide whether a royalty project will move forward, but one academic says they must have a greater focus on planning for the long term and have an element of popular representation.
Congressional leaders called in the Minister of Mines and Energy Tomás Gonzalez and delegates from the Energy and Gas Regulation Commission (CREG) to defend their energy policies considering the uncertainty. The politicians seemed unconvinced by the official response.
Colombia’s Caribbean region has been identified as the territory where royalty investments have been the most mismanaged, while local departments reflect on royalty investments over the three year span of the General Royalty System (SGR). These and other royalty-related stories in our periodic summary.
The National Planning Department highlighted the importance of royalty resources for the post-conflict era, and has outlined changes being made to make their use more efficient.
We have been tracking the debate and discussion on Colombia’s gas supply which is tight now and will likely follow with a deficit in supply in 2016. We noticed yet another entity that has confirms that the cost of gas is on the rise: Colombia’s statistical agency DANE.
The General Royalty System (SGR) has been in place for three years now, with President Juan Manuel Santos marking the event by praising its contribution to job growth and a reduction in poverty. But not all agree.
Written deep in the Southern Llanos, a local paper goes into an anti-oil rant that essentially says even those that had seen production activities in a positive light are left without any arguments because the benefits of having the resource nearby do not materialize.
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