Colombia remains an attractive investment destination for international hydrocarbons firms says the Ministry of Mines and Energy (MinMinas) Tomás González, who also touched on the role of oil in government finances and the balance of reserves to production.
Supporters of prior consultation processes held a debate in Colombia’s senate, questioning why ministers and the President Juan Manuel Santos himself have “demonized” the process as being solely a way for communities to take advantage of projects taking place near their borders.
The Chamber of Representatives took a look at the issue of fracking as part of the debate over the 2015-2016 royalty budget, calling on representatives from industry associations and private companies.
The president of the Colombian Petroleum Association (ACP) Francisco Lloreda Mera touched upon the falling price of oil, tax reforms and the outlook going forward, reinforcing the strategic position of the industry for government income.
The government’s formula to fix gasoline prices aims for stability despite changes in the international price of oil, for better or worse. But some are questioning who is benefiting when oil prices have dropped over 20% in the last six months, but fuel prices less than 2%.
Now two years into the General Royalty System (SGR) the flaws and needed adjustments are clear, and the system must be tweaked to meet the intentions that it had during its conception says Senator Marítza Martínez
The Casanare Government Secretary Marlene Gutiérrez Oropeza said that the Interior Ministry has agreed to a “working road map” to deal with the controversial issue of Community Action Committees and their role in the hiring of local labor.
The Senate’s fifth commission held a debate on oil production, energy self-sufficiency and general oil policy, bringing in officials led by the Minister of Mines and Energy (MinMinas) Tomás González and Ecopetrol (NYSE:EC) president Javier Gutiérrez.
The president of the Colombian Federation of Municipalities (Fedemunicipios) is concerned about the effect of falling oil prices and what that means for municipal budgets. But royalty distribution and the national government’s ability to use falling prices as a negotiating tool are also high on his list of concerns.
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