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Regulations & Policy

Oil sector issues hit the popular press

National business magazine Dinero has finally recognized the challenges facing the industry. The article points out that while the oil industry is one of the strongest in the country, there has been no major oil discovery recently, terrorist attacks on pipelines continue, there are delays with the environmental licensing (as we recently reported) and strikes and shut-ins in the oil fields.

Monday, December 10th, 2012
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Colombia scores well in Transparency International Ranking

Colombia scores well in Transparency International Ranking

The NGO Transparency International released its Corruption Perceptions Index 2012. The index scores countries on a scale from 0 to 100 where a 0 score indicates that a country is very corrupt and a 100 score indicates that it is very clean. None of the 176 countries included in the index got a perfect score.The graph here shows the ranking of all the countries in the study with lower ranked being better.

Saturday, December 8th, 2012
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ANH opens the kimono

Last Friday, November 30, 2012 the National Hydrocarbons Agency (ANH) presented its “Rendering of Accounts”, a kind of public performance review in which citizens are invited to listen and openly question and criticize if they wish. The session lasted about four hours and covered a wide range of the agency’s activities. Hydrocarbons Colombia was there and we noted the following items (with our commentary).

Thursday, December 6th, 2012
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Colombian government proposes changes to the royalty distribution system

MinHacienda Mauricio Cardenas announced that the government intends to introduce three amendments to royalty budget management. The budget for the next two years totals CoP$17.7 billion (US$9.7B). The changes are designed to tighten control on projects even further and to make royalty funding available to the central government for capital projects. The changes do not address community frustration over the changes to the system already introduced this year. We comment on the changes and the royalty system in general.

Thursday, December 6th, 2012
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The Inter American Commission on Human Rights (IACHR) visits Colombia

National newspaper El Espectador reports that a delegation from the IACHR is in Colombia to analyze the situation of human rights in the country. This visit, which is by invitation of Colombia, can be seen as a test of the will of the Colombian State to cooperate with the Commission in monitoring human rights in the region. It is also a step forward for Colombia on its way to get off the blacklist of the Commission.

Tuesday, December 4th, 2012
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President Santos loses favorability in survey by W Radio

According to a survey by national radio station W Radio of 1000 adult men and women, Santos president’s favorability is at 48%, while 44% of respondents do not agree with how Santos is managing the country. 77% of respondents disapprove the way Santos handled the San Andres issue.

Tuesday, December 4th, 2012
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Over half of available royalties now assigned

Bucaramanga newspaper La Vanguardia reports that The College of Management and Decision (OCAD), responsible for defining investment projects to be financed from royalties, approved CoP$3.2B (US$1.8B) of the CoP$6B(US$3.3B)that will be allocated for this purpose in 2012.

Tuesday, December 4th, 2012
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Federico Renjifo goes on the road to attract mining and energy sector investors to Colombia

MinMinas Federico Renjifo participates in The Colombia Business Summit conference organized by The Economist in Paris. From a MinMinas press release. Translated and with commentary by Hydrocarbons Colombia.

Thursday, November 29th, 2012
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Should Colombia invest royalties in infrastructure or education?

Many Colombian news sources picked up a BBC story about Qatar investing its oil wealth in building a knowledge-economy. That so many picked up it meant a number of news editors thought it suggested a different approach to using royalties. That got us thinking as well.

Wednesday, November 28th, 2012
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Minminas refers to repressed oil production, environmental licenses and hydrocarbon exploration

Based on numerous reports in the Colombian press Minminas Federico Renjifo believes about 100,000 barrels of oil production is held up due to delays in the granting of environmental licenses. In some cases National Environmental Licensing Agency (ANLA) employees are making requirements beyond those established by law. Renjifo also claimed that the licenses are a bottleneck and there need to be manuals for the procedures to be followed by companies to get crude oil exploration and development licenses.

Sunday, November 25th, 2012
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