Parex made a somewhat unusual midyear announcement of its reserves and a more usual announcement of its 2Q13 production. Both stories are very good but the reserves story is spectacular. By the close on Thursday, July 11 2013, the stock was up 17% from its Tuesday close.
A decree expected in late July will reportedly shorten the environmental licensing process for small changes to conventional projects that already have gained approval.
Delays in environmental licensing are seen as the main cause in an 8% drop in rentals of perforating drills in January-May 2013.
The General Royalty System (SGR) and the National Planning Department (DNP) have issued a string of nearly daily announcements in June detailing advancements and approval of projects that will receive funding using the royalty system.
Colombian President Juan Manuel Santos visited the city of Villavicencio in the Meta Department and called for a balance between oil production and the environmental and social needs of the community.
Colombia’s Unidad Nacional political party has put assistance to community mayors in obtaining funds from the General Royalty System (SGR) on the agenda, with a senior member suggesting changes might be needed at a congressional level.
Ecopetrol, through its subsidiary Bioenergy, has land holdings that exceed the legal limits established by Colombian law.
Officials charged with managing Colombia’s sea commerce and resources met with oil companies performing offshore exploration to discuss regulations surrounding the activities.
The administrators of Colombia’s General Royalties System (SGR) hosted planning secretaries from the country’s departmental governments to discuss the accomplishments of the new royalty system in its first year and talk about its reach looking forward.
The director of the ANLA said that plans are on track to have reference terms for the environmental licensing of nonconventional exploration and production by November.
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