Angela Cadena, the director of the government’s mining and energy think tank, the Mining Energy Planning Unit (UPME), is on her way out, opening a key vacancy in an entity that serves to fill in the informational holes and create a long term vision for the industry.
The government announced a slight drop in fuel prices as it covers shortfalls in the fuel stabilization fund, which has politicians and the fuel industry retailers calling foul.
Outcry over plans to increase the price natural gas as it is fixed by the market has led to an agreement between the government and industry to postpone planned rate increases this month.
High level negotiations between the government and community leaders are rumored to be underway, which could produce a bill that would establish a clearer system for the prior consultation process for mining, energy and infrastructure projects.
The tax reform has been approved by Colombia’s chamber of representatives, and now awaits the signature of President Juan Manuel Santos. The reform looks to address an estimated CoP$12.5T (US$5.2B) shortfall in the 2015 budget.
The pending decision on the future of the Rubiales Field, still Colombia’s largest producer, is running out of time. But while the political decision and momentum to return the field to full Ecopetrol (NYSE:EC) control looks clear, the technical requirements of the aging field are not so cut and dry.
President Juan Manuel Santos admits that the substantial drop in international oil prices is going to have an impact on public finances, with the worst consequences of its fall thus far coming in 2016.
Looking at two bills involving royalties and two very different outcomes: a bill to modify the bill sank after lack of quorum in the chamber of representatives. Meanwhile the royalty budget bill has passed through the Senate in record time.
The Chamber of Oil Goods and Services (Campetrol) will launch a platform that will allow individuals to denounce instances of corruption in the oil sector, part of its effort to combat unfair practices and increase transparency.
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