News and AnalysIs for

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.

Last week reports of missing hard drives at the National Hydrocarbons Agency (ANH) with data on offshore blocks caught the attention of the local press. However probably a bigger story was on falsified bank guarantees for ANH contracts, conveniently slipped into the same press release. Now more details emerge on this latter issue.

Colombia’s Minister of Mines and Energy (MinMinas) Tomás González said the tax burden on companies seeking new reserves will be reduced and that the reduction will not affect public finances.

The Colombian Chamber of Oil Goods and Services (Campetrol) executive president Rubén Dario Lizarralde has called for royalty funds which are not assigned to projects be returned to producing regions for development projects.

High energy and transportation costs represent two of the major challenges for the hydrocarbons industry, and recent reports in a local business publication look deeper into the causes and future trajectory.

The Minister of Mines and Energy Tomás González says that additional tax support is an alternative for the industry beyond already-approved measures, but industry observers question how these will work out in practice.

The Ministry of Mines and Energy (MinMinas), the National Hydrocarbons Agency (ANH), the National Council on Economic and Social Policy (CONPES) and the Ministry of Industry and Tourism, among other governmental groups, have established policies to promote offshore and unconventional energy sector development.