Once President Juan Manuel Santos took office, certain goals were established that formed the basis for the reform of the royalties. Today, a year and a half later, the picture has changed.
May 5, 2012 Colombian business paper LaRepublica.co reports new capital has been injected in the rail project between Buenaventura and La Felisa (Calda
April 26, 2012 Mansarovar, the fourth largest oil producer in Colombia is reported in the Colombian press to have received from Ecopetrol, the approval for the comercialization of the UnderRiver II field, which is part of the Nare Association Concession.
April 25, 2012 From an Ecopetrol Press Release … Ecopetrol announces the discovery of hydrocarbons in the Tisquirama Este-1 exploratory well, located in the municipality of San Martin, Cesar. In initial tests, the well produced 624 barrels of oil per day
Let’s start from the proposition that, like it or not, royalties are necessary. They are necessary because with oil over US$100 a barrel, Colombian gas prices over U$2 and nearly US$3 per gallon, Pacific Rubiales stock up 6000% since its inception and Ecopetrol declaring record profits, oil looks like a money making machine.