The Colombian Hydrocarbons Agency (ANH) said that thus far in Colombia the 22 contracts signed for offshore areas with operators have resulted in investments worth US$423M, and authorities hope to reach the US$1.35B investment tally for the sector in the midterm.
The Ministry of Mines and Energy (MinMinas) gave an update of the funds awarded as part of its “production incentive program” which awards municipalities for meeting production goals. In 2016 the ministry has awarded CoP$90.6B (US$27.4M) to projects. This and other royalty related stories in our periodic summary.
The number of vehicles converted to natural gas continues to grow, albeit at a slower and still slowing rate. Does supply uncertainty play a role?
Equion President María Victoria Riaño believes that the firm has a better outlook as oil prices improve, but is concerned that the recent Constitutional Court decision on popular referendums and the subsoil could cause legal holes and put oil activity at risk.
The government’s royalty budget for 2017-18 has caused concern from associations and control entities like the General Controller, as it relies on an income which observers warn is much more optimistic than what reality will deliver.
The Colombian association for the propane industry, Gasnova, has been working on formalizing the market, but warns that there are groups using regulations and gray areas to take advantage of the market, and that there is a growing mafia of informal distributors in major urban centers.
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