In a joint session of economic commissions from both Colombia’s Senate and House, the Finance Minister Mauricio Cárdenas presented four new changes to the General Royalty System that look to give it access to other sources of funds in case royalties from mining and energy production taper off.
The National Hydrocarbons Agency (ANH) and the Marine and Coastal Research Institute (INVEMAR) have launched the third voyage of a study of the marine life in the Guajira Offshore 3 (GUA OFF 3) block in the Colombian Caribbean.
The Minister of Mines and Energy Amylkar Acosta confirmed that at least three supermajor oil producers –ExxonMobil (NYSE:XOM), Petrobras (NYSE:PBR) and BG Group (LSE:BG.L)- will participate in the Colombia 2014 Round.
The Ministry of Mines and Energy sent its two highest ranking officials to discuss transportation infrastructure at a recent conference held by Ecopetrol (NYSE:EC) transportation spin off Cenit. They announced a new regulatory structure and looked to reaffirm MinMinas commitments to large, strategic infrastructure projects.
The director of the National Hydrocarbons Agency Javier Betancourt says that the exploration and production contract for the VSM-13 block, located along the Las Ceibas river will not go forward and that Pacific Rubiales (TSX:PRE), who holds the contract through an acquired subsidy Alange Energy, wants to end the concession.
Colombia’ lower house held a debate on the progress of the Barrancabermeja Refinery, which the local mayor says is close to getting an official start after prolonged delays. The matter will be brought up in an Ecopetrol (NYSE:EC) board meeting in June.
Some of the stories involving Colombia’s new and controversial General Royalty System (SGR) over the past weeks included evidence of improper royalty use in the Arauca and Coveñas municipalities, a dispute between governors and the central government leads to a cancelled OCAD session and MinHacienda say there are regional entities that have forgotten to bill for approved projects.
MinMinas recently released the country’s reserve estimates for crude oil and natural gas for YE2013. The biggest questions are around sustainability for gas.
Following a road show to five countries over two months after launching the Colombia Round 2014, the National Hydrocarbons Agency says that 46 companies have acquired the information packets on the 97 blocks that it is offering.
This week the topic of post-conflict justice reverberated through Colombian media, as the issue of how to apply justice to former guerrillas once an agreement has been made. The government spoke of a transitional model for justice, which drew criticism from the political right.
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