Blockades kept Ecopetrol (NYSE:EC) from producing 11 million barrels in 2014, and a national paper takes a look at the charges that there are many Community Action Committees (JAC) with a mafia grip on oil activities in many of Colombia’s regions.
The USO’s ongoing collective bargaining with Petrosantander had been described with a more amicable tone in past statements by the union, but apparently there was not enough common ground to reach an agreement, as the negotiation processes closes without an accord.
Over the last week President Juan Manuel Santos has faced calls from both critics and government institutions to release the full details of the initial peace agreement announced on September 23, while the government insists that the guerrilla will face sanctions as part of the transitional justice.
The benefits of peace on Ecopetrol’s (NYSE:EC) financial results, and in turn the fiscal take, are numerous; from the value of oil deferred or spilled due to attacks, repair costs of pipelines and production from areas where the conflict has prevented greater E&P activity.
President Juan Manuel Santos arrived in Cuba to reach a preliminary agreement with the Farc commander Timoleón Jiménez, alias ‘Timochenko’, in which both have promised to sign the final agreement and end the more than 50 year conflict in the next six months.
Ecopetrol (NYSE:EC) published a look a back on the 2,572 attacks on its oil infrastructure between 1986 and 2015 by the guerrilla, and gave a small glimpse into some of its impact.
Chinese-Indian oil firm Mansarovar has received new found attention after a small number of its USO affiliated workers announced a strike, which the company rejects as unnecessary. The conflict has caused the firm to talk to the local press, giving us a rare glimpse.
Rumors swirl that formal talks between the ELN guerrilla and the government are getting closer, but the group still lashed out this week and killed two soldiers. Ecuador says it can host these discussions.
Delegates from the Interior Ministry (MinInterior) left the comforts of Bogotá behind to meet with local authorities and members of the oil industry in Middle Magadalena as part of a plan to develop a strategy to confront social conflict, and also gave attention to contraband fuel on the border with Venezuela.
Total incidents were flat this week but Non-Armed-Forces (which we take as a proxy for guerrilla-initiated incidents) were down by 3 and Armed Forces incidents were up by 3. The ELN are the main source of problems but an incident in Cauca raises a red flag.
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