The National Government asked La Guajira’s authorities to be accountable for the projects that are being financed in the department with the royalties’ budget, but they failed to comply with this demand. These and other stories in our Royalties periodic summary.
Colombian oil industry has announced gas discoveries in the Caribbean Sea recently. It increased reserves and several experts are talking about this topic.
There has been much discussion about the Barrancabermeja refinery’s future. Some have said that Ecopetrol (NYSE: EC) will close it, but the company has denied that. Juan Carlos Echeverry, CEO of ECP talked about the refinery situation and his perspectives in an interview with El Espectador.
Colombian authorities have been working to boost the oil sector and they have high expectations for offshore projects. There was no clear and complete regulation for the offshore industry but now Ministry of Mines (MinMinas) just published signed one into law.
The offshore potential in the Caribbean Sea are raising expectations in the Colombian coast. Many municipalities and departments are working to attract companies to their territories.
Now Part 4 of our ongoing series written by Leopoldo Olavarría and the team at Norton Rose Fulbright on the Agreement 2, the National Hydrocarbons Agency’s (ANH) rewrite of the rules for block assignment and contracting.
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