Social investment in the oil sector has evolved into a mechanism that allows the integration of environmental and social factors for the benefit of communities.
We are only publishing Ecopetrol’s (NYSE:EC) overall results today but we thought we would get a jump on the analysis by publishing the NOC’s Line of Business results simultaneously.
There was a 50’s game show called ‘Truth or consequences’ and I was reminded of it while reading this week’s announcement on reserves.
The Colombian oil sector faced tough times due to low oil prices and social conflict, but the industry managed to overcome this challenges and it is recovering lost ground. The Ministry of Mines and Energy (MinMinas) and the National Hydrocarbons Agency (ANH) reported Colombia oil reserves in 2017, with positive results.
The ‘Alianza Colombia Libre de Fracking’ Environmental Movement sent a letter to President Juan Manuel Santos, asking him to reject fracking because according to several scientific studies, there is enough information to determine that this practice is harmful for Colombians health.
Colombia is not an oil country, but the resources generated by the sector are vital for the nation’s economy and public finances. The Government had to tighten the belt in recent years, due to low oil prices, but their recovery is generating relief for Colombian authorities.
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