The Colombian Chamber of Oil Goods and Services (Campetrol) executive president Rubén Dario Lizarralde has called for royalty funds which are not assigned to projects be returned to producing regions for development projects.
High energy and transportation costs represent two of the major challenges for the hydrocarbons industry, and recent reports in a local business publication look deeper into the causes and future trajectory.
The Minister of Mines and Energy Tomás González says that additional tax support is an alternative for the industry beyond already-approved measures, but industry observers question how these will work out in practice.
The Ministry of Mines and Energy (MinMinas), the National Hydrocarbons Agency (ANH), the National Council on Economic and Social Policy (CONPES) and the Ministry of Industry and Tourism, among other governmental groups, have established policies to promote offshore and unconventional energy sector development.
Missing hard drives with confidential data on offshore blocks and questions about potentially falsified contract guarantees have hit the National Hydrocarbons Agency (ANH), in what is turning into a true mystery drama playing out in local press headlines.
Over 1,000 royalty projects are at risk of having their approval revoked while Santander’s royalty income takes a bigger hit than expected. These and other stories in our periodic roundup.
The National Planning Department (DNP) published a statement in which it highlighted the arrival of royalty projects to all of Colombia’s departments, and said that things are going well.
The Ministry of Mines and Energy (MinMinas) inched fuel prices up for the first time this year, but reinforced that Colombians will not see large changes in the fuel price even if international prices climb.
Colombia’s State Council suspended the legal effects of a norm issued by the National Mining Angecy and Ministry of Mines and Energy that created 516 mining zones, rules which had loosened prior consultation requirements. Industry representatives say this is a blow to the production potential and creates unclear rules.
Putumayo has been hard hit by the fall in oil prices, but the overall impact of tax reforms and social conflicts, especially in Bajo Putumayo, are also taking a toll on the productive potential of the region. More dialogue is needed between the community and industry says the president of the Colombian Petroleum Association (ACP) Francisco Lloreda.
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