Over the past three years, Colombia has taken deliberate steps to reduce its reliance on oil and coal, its top two export commodities.
As energy and infrastructure projects across Colombia await environmental licenses, Alfred Ballesteros, Director of the Corporación Autónoma Regional de Cundinamarca (CAR), said the blame often lies not with government red tape, but with the “stubbornness of companies” failing to meet environmental requirements.
In its latest Medium-Term Fiscal Framework (MTFF), Colombia’s Ministry of Finance (MinHacienda) projected that Brent crude oil prices will reach US$76 per barrel by 2036.
The Colombian Energy and Gas Regulatory Commission (CREG) is preparing a series of regulatory adjustments to ease the pressure of rising energy and gas tariffs on consumers, particularly due to growing dependence on imported natural gas.
A sharp decline in Ecopetrol’s (NYSE: EC) contributions to the Colombian government is anticipated over the next few years, according to projections outlined in the recently published Medium-Term Fiscal Framework (MFMP).
Colombia’s National Planning Department (DNP) unveiled a comprehensive strategy to improve oversight and transparency in the use of royalties; public funds derived from the extraction of non-renewable resources like oil and minerals.
Gas supply continues to fall while gas demand rises. The obvious consequence is that imports rise and thus the average cost of gas. The Petro government has even stopped saying that everything is under control or threatening to fine E&Ps that “waste” gas. Where did it go?
As Colombia’s fossil fuel production declines amid lower global prices and a national policy shift away from extractive industries, critical questions emerge about the future of royalties, the backbone of regional development in many parts of the country.
A recent ruling by the Administrative Court of Cundinamarca has ordered the Colombian government, under President Gustavo Petro, to allocate and execute the necessary funds to pay energy and gas subsidies owed to low-income households across the country.
Frank Pearl, President of the Colombian Association of Oil and Gas (ACP) issued a stark warning about the direction Colombia is taking under President Gustavo Petro’s administration.
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