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Citing the risk that social programs could be affected until royalty reforms, the central government has issued a decree to pay more than US$176M to producing regions, in what appears to be most relevant change to the new royalty system since its enactment.

The Minister of Environment and Sustainable Development (MinAmbiente) Luz Helena Sarmiento is planning to present a legislative bill and new decree to “align environmental legislation to the needs required for climate control prevention”, which will likely include restrictions on seismic exploration.

Colombia’s vice-minister of energy Orlando Cabrales says that unconventional resources are a critical element for the country’s energy future and following in line with US policy, touts energy security as the long term goal.

Speaking before an industry audience in Cartagena the Minister of Mines and Energy (MinMinas) Amylkar Acosta offered a thorough defense of the industry, its practices and its role in regional economies.

Excluding the ‘Additional Participation’ aka ‘Factor X’, average royalty rates in Colombia declined from 16.3% in 4Q12 to 15.5% in 4Q13, reflecting the slow shift in production from Traditional contracts to production from E&P Contracts, and from mature fields to newer fields with lower rates. But the graph shows there is considerable variation around the average.

The Ministry of Mines and Energy (MinMinas) says that it is looking to achieve greater stability in the final price of fuel and issued a list of objectives for talks with the transportation sector. But it says the changes must be gradual and linked to market prices.

After receiving the signature of the Ministry of Mines and Energy Amylkar Acosta, the National Hydrocarbons Agency has published conditions and rules for E&P contracts involving unconventional resources.

Peru’s NOC Petroperú has announced it will float 49% of its shares to public markets, opening the state run firm to private capital. What lessons are in this for Ecopetrol (NYSE:EC)?

The Colombian Minister of Mines and Energy, Amylkar Acosta, heralded an optimistic view for 2014, saying that not only are investors continuing to believe in Colombia’s potential, but also a potential record of exploratory wells, some 240, will be drilled this year.

As the date to announce fixed fuel prices for April approaches, pressure has increased on the national government to lower fuel prices, while the Minister of Mines and Energy Amylkar Acosta insists that the public should not be expecting further cuts.