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.
A panel of authorities and experts led by the Vice-minister of Energy Orlando Cabrales participated in a seminar organized by the Colombian Petroleum Association (ACP) to highlight a number of policies designed to better communicate environmental practices and facts with the community in Casanare.
The Minister of Mines and Energy Amylkar Acosta published an opinion piece in which he highlighted the gains in terms of energy security for the country, pointing out that it is one of the highest ranked nations in terms of energy security in the region, something that will be crucial to prepare for potential effects of El Niño weather phenomenon.
During the debate on the Casanare drought in Colombia’s Senate, the Minister of Mines and Energy (MinMinas) Amylkar Acosta addressed accusations that oil production is depleting water resources in Casanare and addressed the increased seismic activity in Puerto Gaitán, Meta, saying that scientific research must confirm the causes.
The government has received substantial political pressure to lower fuel prices, but Ecopetrol (NYSE:EC) says it will continue to produce fuels despite a price that cuts into their margins and in turn, their ability to invest.
Senator Martiza Martínez, a regular critic of the oil industry in Colombia’s senate, says that oil companies should stop receiving tax benefits due to the damage she says that exploration and production activities do to the environment, and that a new “green tax” should be created as well.
The focus of Colombia’s government and business sector on exporting hydrocarbons and fuels has hurt the advances of the manufacturing industry as the country focuses on extracting commodities instead of adding value to raw materials says a research report.
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