News and AnalysIs for

Offshore is an important frontier for the Colombian industry, but the high costs and long time before a successful find sees commercial production weaken its value for the country and industry, so more incentives for onshore exploration are needed, say experts and industry players.

The General Controller’s office has entered the debate on the supply of natural gas, warning that the country must have a clear strategy in order not to suffer a loss of self-sufficiency in the near future.

In a change of strategy the USO says it has direct workers with Pacific Rubiales (TSE:PRE) that have decided to affiliate themselves with the USO, and the union has submitted a list of demands.

The Minister of Mines and Energy Tomás González made a visit to Ecopetrol’s (NYSE:EC) offshore operations as part of the central government’s recent prioritization of the sector.

While industrial sectors call for an open bilateral negotiations of gas rates, electrical energy generators say that their needs are being cast aside to accommodate other sectors.

A mix of social organizations, municipal governments, the departmental government and control entities such as the Regional Controller met in Puerto Asís and signed a regional peace agreement in light of the human rights violations which have taken place in the conflict-ridden department of Putumayo.

We reported on a MinMinas press release about reserves and quoted their figure of 6.4 years of remaining oil production. But we would have been more correct to ignore the Ministry’s number and say there are at least 8 years of self-sufficiency.

The Energy and Gas Regulation Commission (CREG) has postponed fixing a formula that would define price increases in the supply of natural gas, as the industry calls for authorities to allow a free market.

The Minister of Mines and Energy (MinMinas) Tomás González defended provisions for the mining and oil sector in the National Development Plan (PND) in the Senate’s Fifth Commission, where he and other authorities were questioned on its reach in social and environmental matters.

The Ministry of Mines and Energy (MinMinas) released 2014 reserve figures for oil and gas, and said that the country has proven reserves for 6.4 years considering current production levels.