The oil industry is one of Colombia’s economic pillars, but onshore exploration activity needs a substantial boost otherwise the impact will be felt in regions and the local economy, warns Colombia’s Chamber of Oil Goods and Services (Campetrol).
The Minister of Mines and Energy Tomás González says that regardless of who owns Pacific Rubiales (TSX:PRE), the field must be operated properly and responsibly.
The fall in oil prices and resulting drop in investment has led to more competition between Colombian citizens and foreign oil professionals, thus making the country less attractive for these expat workers, a recent report found.
The General controller Edgardo Maya Villazón said that royalty projects should face tighter time-frames due to the large quantity of projects that have been approved but not implemented. This and other royalty-related stories in our periodic summary.
Considering that production is up over 3.5% so far this year but crude oil prices are way down, we decide to see how total industry revenues might be tracking.
The Transport Ministry’s Intermodal Master Transport Plan looks to consolidate the transport and logistical infrastructure in Colombia, and held its third socialization ahead of its next national meeting in August of this year.
The National Planning Department (DNP) says that it will dip into resources from the Regional Development and Stabilization Fund and use past surpluses so that the 2015-16 royalty budget can be implemented despite a CoP$6T gap in funding due to the fall in world oil prices.
After nearly two months of blockades in Caquetá over an exploration project by Emerald Energy, tensions have elevated the conflict to a new high after riot police cleared protesters by force last week.
It is only a commitment to study the issue, but the Colombian government finally seems to admit there is a problem with the tax system that inhibits investment in exploration and development.
Nothing seems to be 100% sure in the natural gas industry. Will a recent call for comments from the Ministry of Mines and Energy (MinMinas) on a planned resolution regarding planning for future gas consumption trends help clear things up?
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