Havana chief negotiator Humberto de la Calle announced some of the options being considered for the development of agreements with the Farc and defended the “sovereign powers” of the executive to submit agreement proposals.
The Colombian oil industry is facing serious challenges for its long term future, and day-to-day fixes are not enough says the president of the Colombian Petroleum Association (ACP) Francisco Lloreda.
The Mining Energy Planning Unit (UPME) director Jorge Valencia says that whether it is through parallel networks, capacity increases or new routes to accommodate imported gas, more natural gas infrastructure is required to serve growing demand.
The Ministry of Mines and Energy (MinMinas) has approved three more measures to promote exploration and production and confront the fall in oil prices. The Agreement 03 is part of its “PIPE” stimulus for the industry.
As the government concedes that maintaining a million barrels a day will prove increasingly difficult, the Finance Minister Mauricio Cardenas says projected oil revenue for 2016 could be six times lower than in 2014.
Research institute Fedesarrollo has issued an alert on the long term impact on the fiscal budget due to the fall in oil prices and a likely drop in oil production, with the deficit growing wider than legal limits by 2019.
The mayors of Ortega, Purificación and Melgar in Tolima joined to vent their shared concerns on royalty distribution and expedited environmental licenses issued by the National Environmental Licensing Agency (ANLA).
A monitoring tool for the general public Maparregalías has been unveiled, and it offers a window into CoP$16.8T (US$5.5B) in royalty resources that have been approved for projects in the first half of 2015, meanwhile a report reveals inefficiency in royalty project execution. These and other stories in our periodic roundup.
Repeatedly cited as one of the drawbacks for the industry, the government announced a new framework for environmental licensing, and the Chamber of Oil Goods and Services (Campetrol) found that the proportion of licenses approved versus those filed has changed since the last year.
Much has been said about the formula used to determine monthly gasoline and diesel prices, especially since the fall of international crude prices. But it is becoming clearer that the Brent and WTI have only a small impact in the Ministry of Mines and Energy (MinMinas) calculations.
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