The government policy topic of the quarter for oil producing countries is economic diversification. The IEA says they cannot count on oil revenues and so need to find new sources relatively quickly. Colombia is not an ‘oil country’ but the same debate runs here.
Ecopetrol (NYSE: EC) announced its third quarter 2018 results. The NOC’s financial performance considerably increased compared to previous year, proving that the company is levering current oil prices. The firm highlighted good advances in its drilling campaign during this quarter.
The development of unconventional deposits is one of the main strategies to increase reserves and production of oil and gas in Colombia. Ecopetrol (NYSE: EC) initiated a legal process to develop these projects in the country.
Julio Cesar Vera, president of the Colombian Association of Petroleum Engineers (Acipet), wrote an Op-Ed to highlight important aspects of the industry in the country.
Official studies show that the Amazon occupies 42.3% of the Colombian territory. Implementing popular consultations in the area is far from easy.
Ivan Duque, President of Colombia, spoke about the advances in issues related to royalties’ resources since his administration began in an event about the Collegiate Body of Administration and Decision (OCAD). He announced a project to change the General System of Royalties (SGR).
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