The long-anticipated event took place on June 7th in Bogotá. The initiative was announced in September of 2015 and was supposed to have been signed in March 2016 but has suffered multiple delays and setbacks.
The company formerly known as Pacific Exploration & Production Corporation is in a transformation process to become a a new and more competitive company. The firm announced a name change and new strategy.
Barry Larson is well known to the Colombian industry from his time at Parex (TSX:PXT) and now has one of the highest-profile jobs in the industry: trying to convince investors that Frontera Energy Corporation (TSX:FEC) (formerly Pacific Exploration and Production (TSX:PEN)) is not the same as Pacific Rubiales from whose ashes the new company arose.
Now Part 2 of our ongoing series written by Leopoldo Olavarría and the team at Norton Rose Fulbright on Agreement 2, the National Hydrocarbons Agency’s (ANH) rewrite of the rules for block assignment and contracting.
Colombia’s General Controller (GC) recently told the press that the country will lose its self-sufficiency in oil by 2023.
As usual, the union expressed its non-conformity with Ecopetrol’s (NYSE:EC) management decisions, and said that the implementation of Decree 1668 of 2016 unleashed a social crisis in Sabana de Torres and Huila.
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