Following the announcement of Gorgon, “the biggest gas discovery found in Colombian territory in the last 28 years”, Juan Carlos Echeverry, CEO of Ecopetrol (NYSE: CE) said that despite the fall in oil prices, Ecopetrol’s initial plans are still going strong.
The country’s two most powerful guerrilla groups gathered in Cuba to talk about peace. While the idea sounds convincing and necessary for the development of the two peace processes, the ELN’s actions have shown that their negotiations will not have a happy ending, at least not any time soon.
The sector has announced several gas discoveries in the Caribbean Sea in recent months. Colombia wants to seize the offshore opportunities but it also wants to be ready for the challenges that this represents.
ProductionColombia has more than 400 oil fields, but just a few produce the majority of Colombian oil.
Vice minister of Environment Carlos Botero, said that fracking activities are not taking place in the country. Environmentalists say the opposite.
The Colombian government wants to change the General System of Royalties (SGR) to finance the post-conflict. Mauricio Cárdenas, Minister of Finance, discussed the proposals but local leaders and academics, among others, are against it.
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