The president of the Colombian Petroleum Association (ACP), Francisco Lloreda, spoke about lessons learned from 2018 and forecasts for 2019.
It is early January and time for my annual look ahead. The working title for this piece is always “Fearless Forecasts” but this year I am rather fearful.
The boom of anti-oil referendums in producing regions keeps generating concerns in the industry. The municipalities are still trying to develop these mechanisms (despite the Constitutional Court’s ruling that they have no force) and the Yopal Council ruled on this issue.
Oil prices and the value of the dollar are two of the main variables that drive the Colombian public finances. Expectations for these metrics are not encouraging for this year, and this situation could affect the country’s public finances.
Colombian political parties are preparing for the upcoming regional elections in the country. The main cities of the country attract the greatest interest by Colombian political parties.
The National Planning Department (DNP) announced that the regions will receive a generous budget in 2019 that will allow the development of 887 projects. These and other stories in our periodic Royalties summary.
Colombia has not had oil rounds for several years, which has affected the sector’s outlook for the medium and long term. However, the National Hydrocarbons Agency (ANH) plans to offer new areas in the coming weeks.
Climate change and misinformation, among other issues, have pressured the industry to reinvent itself and adjust to a new reality. Julio Cesar Vera, president of the Colombian Association of Petroleum Engineers (Acipet) explains how he believes the process is going.
The Minister of Mines and Energy (MinMinas), Maria Fernanda Suarez, highlighted the importance of the industry for Colombia’s social and economic development, especially in the department of Santander.
The Constitutional Court has been active lately, addressing a number of important issues like the apparent legal conflict between the central government’s ownership of the subsoil resources and local communities’ rights to determine what happens on the surface. We were talking with Hernán Rodríguez, Partner at Dentons, Cárdenas and Cárdenas about the conundrum and he offered this discussion of so-called ‘Cumaral ruling’ which resolves some issues but introduces others.
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