The Ministry of Environment (MinAmbiente) published the decree 2021 of October 15, 2014, the document which establishes new timeframes for the decision making process that leads to an environmental license.
Interoil (OL:IOX) says that the National Hydrocarbons Agency (ANH) wants to terminate two of its production licenses for the LLA-47 and COR-6 blocks over unpaid bank guarantees and breach of contract. The company says that in COR-6 social and environmental conditions make work impossible.
Colombia’s model for managing the hydrocarbons industry might have brought positive results over the last 10 years, but it is losing force in today’s scenario, with the sector losing its competitive edge due to license delays, security problems and social conflicts, says the director of the Interamerican Development Bank (IDB) oil & gas strategic studies program, Ramón Espinasa.
With the global price of oil falling to below US$90 a barrel, the government has a new problem on its hand beyond the usual triad of licensing, social conflict and security. Just based on the price difference, the national budget could be CoP$12.5T (US$6T) short of the Ministry of Finance (MinHacienda) projections
A senator from the human rights commission wants to see more positive impact from hydrocarbons on the local community, a Meta representative says the department is getting cut short on royalties. These and other stories in our regular wrap of royalty coverage.
The Minister of Environment (MinAmbiente) Gabriel Vallejo has signed off on a decree that authorizes an expedited licensing process as promised by President Juan Manuel Santos, but which has stoked push-back from environmentalists.
While authorities say all is well, some industry players say that the increase in demand for natural gas –some 57.2% between 2009-2014- is already creating shortfalls in supply that could lead to rationing.
Carlos Eraso has officially taken the post of Vice Minister of Energy, following the ratification of María Isabel Ulloa as the Vice Minister of Mining a week ago, completing the Ministry of Mines and Energy (MinMinas) new structure under Tómas González.
The Biennial General Royalties System (SGR) budget for 2015-16 has been presented, contemplating CoP$18.27T (US$8.97B) for 2015-16 for investments and savings. While the amount has increased, it depends on meeting tough production goals, and has left producing regions feeling shortchanged.
After rising two weeks in a row, articles on fracking or unconventional hydrocarbons fell last week. Positive articles exactly balanced negative ones.
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