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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.

Industry associations from mining, infrastructure and energy met and declared that they are “worried about the effects” of public referendums and social conflicts surrounding industry projects.

Citiing a UN agreement to protect 17% of the country’s land mass, authorities are looking to add eight more parks in La Guajira, Arauca, Meta, and Serranía de San Lucas, thus prohibiting any sort of extractive activities in the area.

Huila governor Carlos Mauricio Iriarte Barrios said that there is an opportunity for departments in Colombia’s south to join forces to become more competitive to win royalty projects that meet the needs of this region.