The Colombian Petroleum Association (ACP), criticized a proposed increase of the wealth tax which it says would deter exploration activities and investment just at a time when the industry and country need it. Instead the government should address issues of security, protests and licensing to increase production.
The National Environmental Licensing Agency (ANLA) has rejected 48% of the licenses presented to it for approval, and 118 projects are on standby due to the approval process. The majority are related to the oil industry.
Most of the debate surrounding fracking and unconventional production has centered on the extraction of crude, but the Colombian Association of Natural Gas (Naturgas) Eduardo Pizano says its just as important for the future of the gas industry as well.
The outgoing director of the Energy and Gas Regulation Commission (CREG) Carlos Fernando Eraso says that the new regulatory framework in place for the natural gas industry means that companies have no impediment to investment in the sector.
Meta Senator Maritza Martinez continues her push to modify the laws governing the General Royalty System (SGR), and said in a press interview that only 6% of approved royalty funds have been executed since the entry of the new system.
A number of Senators have dragged up old, incorrect and unsubstantiated claims, accusing the mining and oil industries of dodging taxes and hurting the national economy, claiming that up to CoP$30T (US$14.8B) of state funds have been lost. The senators also rejected the presence of vice ministers to comment on their accusations.
The Ministry of Mines and Energy, Ecopetrol (NYSE:EC) and local authorities have established a fixed price for fuel on the shared border with Venezuela, as authorities from both countries look to limit the contraband fuel market.
Articles on fracking and unconventional oil and gas technologies in the Colombian press increased for the fourth week in a row. But this past week, the balance was positive.
With just a month in his role at the head of the Ministry of Mines and Energy (MinMinas), Tomás González is rumored to be on the verge of announcing a restructuring of his team which will reportedly see the exit of the current Vice Minister Orlando Cabrales, who could head to Ecopetrol (NYSE:EC).
President Juan Manuel Santos announced changes to the process of applying for environmental licenses, slashing the time frame to five months, and critics have come out against the modification, arguing that it will weaken environmental protection measures and put the ecosystem at risk.
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