We have low expectations of ‘rendering of accounts’ sessions because they are typically well orchestrated to avoid controversy and minimize the risk of criticism spiraling out of control. However we were presently surprised by the recent MinMinas session which essentially closed out the first Santos government’s management of the area.
National Hydrocarbons Agency head, Javier Betancourt has been telling audiences that MinMinas Amylkar Acosta wants the ratio of crude oil reserves to production (R/P) to be 10 years and he wants it done within five years. A bold goal that we think will require some important changes.
A Bucaramanga based company called Allianza Ingeniería is leading a group of developers that received a patent for a technology that can treat water extracted from hydrocarbons production at a low cost and the company wants to see the technique used at a greater scale in the country.
Local hiring, road maintenance and safety standards were all discussed at departmental meetings in Casanare, where local authorities have been working to facilitate a smoother relationship between oil companies and local communities. This and other stories regarding Colombia’s roads.
The Minister of Environment (MinAmbiente) Luz Helena Sarmiento has announced the establishment of 2 million hectares of protected land, and says that the government looks to declare 2 million hectares more as part of its efforts to better adapt to climate change.
An executive with Colombia’s palm oil association FedePalma says that uncertainty and the lack of solid decisions and policies from the government is letting an economic opportunity to increase the use of biofuels pass the country by.
Industry leaders grumbled in the corridors about ministerial keynotes at the kickoff of the most important conference of the year but we really could not have expected anything different. In fact, some reading between the lines shows that they have got some of the messages but want the industry to listen some of theirs.
The 2014 Round of auctions is over and the Colombian government is all smiles (at least in public) with 26 of 95 blocks assigned. Unlike the previous round, all the onshore winners are companies already doing business in Colombia.
The uncertainty surrounding the future of Colombia’s largest producing field, Rubiales, and the association contract between Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE), has workers currently assigned in the UTEN union with the later firm demanding more clarity about their future.
The Colombian Petroleum Association (ACP) will be led by a new president, Francisco José Lloreda Mesa, starting in August. Lloreda repaces Alejandro Martínez, who has stepped down after working for the association for the last 20 years.
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