The government’s sale of its stake in electrical energy generator Isagen shows that its strategy of selling off important national assets is moving forward, says the USO, warning that Ecopetrol (NYSE:EC) will be the next on the list, so the union is calling for national protests.
The National Hydrocarbons Agency has canceled three contracts with Optima Oil and Range Resources for not meeting their contractual obligations and supplying inadequate letters of credit as a guarantee.
The National Planning Department has temporarily suspended royalty payments to 127 municipalities in 25 departments for not supplying information on the advance of royalty projects according to established timeframes. This and other stories on royalties in our periodic summary.
The government announced that fuel prices for January 2016 would increase slightly for gasoline and drop slightly for diesel. But five days later the Ministry of Mines and Energy (MinMinas) said that shortages of ethanol have forced it to adjust the mixture, and also the price. Fuel distributors allege that this has caused them losses.
The Ministry of Mines and Energy (MinMinas) issued a decree (N°2345 of December 2015) that looks to increase the reliability and supply of natural gas in the country and address a lack of infrastructure.
The Colombian Petroleum Association (ACP) president Francisco José Lloreda has again called on the government to offer new fiscal terms that would allow the industry in Colombia to be more competitive.
Senate President Luis Fernando Velasco has called on the government to eliminate the fuel tax to benefit the average consumer, while an expert panel convened to study the matter has recommended doubling it.
The Colombian Association of Oil Engineers (ACIPET) believes that the main focus of the industry and authorities this year should be to add 1B barrels of new crude reserves in order to position the sector for an eventual recovery of oil prices six or seven years down the road.
The USO kicked off the new year by denouncing the policies of President Juan Manuel Santos and warned again that there are plans to hand over Ecopetrol’s (NYSE:EC) assets to private multinationals. A broad-scale national strike should be planned immediately, the union said.
The National Hydrocarbons Agency (ANH) and MinMinas have been talking about a new procedure to assign areas for exploration and production since September. Finally in the very last week of the year, when government is normally shut down, the text has been published for comments. The comment period ends January 31st.
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