The Colombian Petroleum Association (ACP) says that the impact on E&P activities due to the fall of oil prices will start to make a strong impact on daily crude production, which will likely start to decline in 2016.
The Ministry of Mines and Energy (MinMinas) says that the market manager chosen to track and report on the transactions and operations of natural gas to improve negotiations between the supply chain is up and running.
The National Hydrocarbons Agency (ANH) says it is reviewing its options to protect Colombia’s oil industry against the fall of the price of oil, and will review consultant proposals on January 27.
When last we left the Fracker Tracker in early-December, the Net Promoter Score (NPS) was near an all-time high. But over the holidays while MinMinas and the National Hydrocarbons Agency (ANH) were enjoying vacation, the environmentalists grabbed the column inches and the NPS tracker is now at an all-time low.
Angela Cadena, the director of the government’s mining and energy think tank, the Mining Energy Planning Unit (UPME), is on her way out, opening a key vacancy in an entity that serves to fill in the informational holes and create a long term vision for the industry.
The government announced a slight drop in fuel prices as it covers shortfalls in the fuel stabilization fund, which has politicians and the fuel industry retailers calling foul.
Outcry over plans to increase the price natural gas as it is fixed by the market has led to an agreement between the government and industry to postpone planned rate increases this month.
High level negotiations between the government and community leaders are rumored to be underway, which could produce a bill that would establish a clearer system for the prior consultation process for mining, energy and infrastructure projects.
The tax reform has been approved by Colombia’s chamber of representatives, and now awaits the signature of President Juan Manuel Santos. The reform looks to address an estimated CoP$12.5T (US$5.2B) shortfall in the 2015 budget.
The pending decision on the future of the Rubiales Field, still Colombia’s largest producer, is running out of time. But while the political decision and momentum to return the field to full Ecopetrol (NYSE:EC) control looks clear, the technical requirements of the aging field are not so cut and dry.
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