The government will see a dramatic drop of CoP$20T in income coming from the oil industry that will leave a mark on its budget for 2015. This drop represents two thirds of the CoP$30T it received from the oil industry in 2013. This and other stories on the impact of the fall of prices in our periodic summary.
The new president of the National Hydrocarbons Agency (ANH) Mauricio De la Mora gave his most complete interview to date, and said that the agency is planning to adjust its policies based on the current market conditions.
The Colombian Chamber of Oil Goods and Services (Campetrol) and the Casanare Chamber of Commerce (CCC) signed an agreement as part of the new Oil & Gas Orinoquia services cluster to improve communication and cooperation.
The National Development Plan (PND) now includes specific measures which allow the National Hydrocarbons Agency (ANH) to adjust the contract timeframes and specific investment parameters in order to protect production and reserve growth, and a measure to stabilize natural gas prices.
In light of new discoveries in departments like Sucre while supply from La Guajira declines, gas transporters TGI and Promigas both have significant investment plans to expand the gas infrastructure network. Both still await authorities to take bigger steps forward.
In Havana, government negotiators and the FARC have returned to negotiations in the 36th round of talks, while Senator Alvaro Uribe has taken a much warmer position on the government’s handling of the peace talks.
Government and industry indifference to public opinion on unconventional resource development continues and last week our Net Promoter Score even dipped below 0.
The Minister of Mines and Energy (MinMinas) Tomás González made a visit to a mayors meeting in Yopal to announce the distribution of financial assistance to oil producing municipalities affected by the drop in oil prices. Over 50 municipal mayors attended the meeting in Yopal.
The collapse of oil prices and Colombia-specific challenges meant a very-reduced attendance at the 5th Colombia Oil&Gas Conference in Cartagena. We assume MinMinas Gonzalez appreciated this as he gave the keynote address.
The XVIII Congress of the Colombian Natural Gas Association (Naturgas) has provoked a discussion on the future of the industry, on subsidies, delays in regulations and licensing, and how to prioritize the use of propane or natural gas.
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