The Minister of Mines and Energy (MinMinas) Tomás González attended a recent summit organized by Bloomberg to reinforce the strategic position of the oil industry and that despite what has been said, everything is going well.
After royalty revenues dropped less than expected, Delegates of the National Federation of Departments met with the Minister of Finance to release royalty resources, meanwhile a new royalty spending transparency tool has been released. These and other stories in our periodic roundup.
The Minister of Mines and Energy (MinMinas) Tomas González said that its PIPE2 plan is already keeping investment in Colombia and production above a million barrels a day.
The Superior Tribunal of Pasto (Nariño) has ruled in favor of a Putumayo based indigenous association (ACIMVIO) and ruled against a prior decision from Interior Ministry to not certify the presence of the Inga group in an area of influence for a Gran Tierra Energy (TSX:GTE) exploration project.
Designed to boost the government’s fiscal income, the November 2014 tax reform and resulting increase in the CREE surcharge has created a strong disincentive for investment that will end up causing much more harm to state finances, says the Colombian Chamber of Oil Goods and Services (Campetrol).
The Ministry of Environment (MinAmbiente) led by its Minister Gabriel Vallejo López and Colombian President Juan Manuel Santos held a review of its performance over the last five years and laid out goals for the next three, but had nothing to say on the issue of environmental licenses.
Representatives from the Ministry of Mines and Energy (MinMinas) met with representatives from the gasoline and fuel supply chain who called for a frank look at how the Ministry’s formula sets prices each month.
Bolsa Mercantil de Colombia (BMC) has presented the very first report of the Natural Gas Market Manager after it began operations six months ago which confirmed that supply is falling while demand rises, pushing prices up.
The Caquetá Planning Secretary Julián Carvajal Zamora said that officials from Emerald Energy did not attend a call to meet with affected communities before starting their exploration work, which he says is a needed step for an exploration and production license to be granted.
Although there is a strong possibility that 2015 can finish with consecutive monthly production of above a million barrels, sustaining that number into the midterm or long term is looking very difficult say industry experts.
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