Between the beginning of July through August 21, average daily oil production has reached 1,037,000bd, which would mean a new record for August, energy deputy minister Orlando Cabrales was quoted as saying.
Energy subsidies included in 2013 are not receiving the same allotment in the 2014 budget, the amount assigned is short CoP$600B (USD312M) , according to estimations from Colombia’s ministry of Mines and Energy (MinMinas).
The Comptroller General says it has uncovered overcharges in acquisitions of equipment in the San Vicente de Arauca Hospital that totals some CoP$29B (USD15M), all coming from royalty payments.
After an prolonged debate the Colombian government issued a resolution that aims to lower gas prices using either bilateral agreements or public auctions, depending on the balance of supply and demand.
Ecopetrol’s president Javier Gutiérrez said this week that the NOC continues to evaluate fundamentals to decide if it will extend or not the concession of the Rubiales field with Canada’s Pacific Rubiales Energy past its current expiration date in 2016.
The average royalty rate in Colombia is 16% but the graph shows considerable variation between the leading producers.
A law prohibiting the procurement of land within a 5KM diameter of an oil well in Casanare has the titling process of land at a standstill in the department.
Five Casanare mayors spoke out against seismic testing Ecopetrol has planned for its Odisea 3D project in Casanare, alleging the testing is performed without adequate control and affects water sources and the environment in general.
The National Infrastructure Agency (ANI) has presented a CoP$7T (US$3.7B) budget for “megaprojects” to improve road infrastructure in the Meta Department, considering the increased oil production, agro-industrial development and general increase in the department’s commercial activity.
In order to finance infrastructure investments in roads, bridges, airports and other items holding back Colombia’s development Ecopetrol should sell an additional 10% of its shares to private investors, says the president of Colombia’s National Association of Financial Institutions (ANIF).
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