The oil industry has had to face a complicated situation in recent years. The oil price drop affected all companies in the sector. Opinions are mixed about performance this year.
The Government formally requested Colombia’s early validation to the Extractive Industry Transparency Initiative (EITI), and will sponsor the Dominican Republic’s entry
The Constitutional Court said that the Colombia Energy Consortium had a negative impact on the ecosystem surrounding an indigenous Nasa community, and Puerto Lopez inhabitants complained against Bioenergy’s ‘waste dump’ in the Caño Barbasco water source. However, the main objections of the Putumayo community regarding the Platanillo project were met, and the first meeting to define United Nations areas of support towards Colombia’s ‘green agenda’ took place last week.
The most difficult years seem to be over. The industry is preparing to reactive investments And Ecopetrol (NYSE: EC) is not the exception. The company has defined a strategy to increase its reserves.
The commitment to increase reserves is giving its first results. Ecopetrol (NYSE:EC) recent announcement of exploration´s results in the Colombian Caribbean boosted perspectives for this year.
According to Cormagdalena, Ecopetrol (NYSE:EC) and Invías will help finance the maintenance and dredging work in the Magdalena River, if the contract with Navelena expires.
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