The director of the National Planning Department (DNP) Simón Gaviría warned that the number of at-risk “critical” royalty projects has grown from 144 at the end of 2015 to 208 on July 31, 2016, another sign that something is wrong with the General Royalty System (SGR).
The offshore industry has become the government’s great hope to add new reserves and keep Colombia’s hydrocarbons self-sufficiency going, but it is no short term bet and there is still structural work to do.
This week talks between the ELN guerrilla and the government were scheduled to start, even though they depend on the release of former congressman Odín Sánchez Montes de Oca. The two negotiating teams have been officially named.
Ecopetrol’s (NYSE:EC) 2016 competitive round will sell off around 20 smaller fields to outsider bidders, and a report from Huila unveils some of the local concerns that this plan is causing.
Colombia’s Senate held its first day of debates on 2017-18 General Royalty System (SGR) with the central government highlighting increases in the amount for development projects for regions, while the opposition pointed out the flaws in the overall system.
In August 2015 Colombia imported US$479.2M in fuels and other products for extractive industries, and in the same month of this year that number grew 6.3% to US$509.6M, led by purchases of kerosene and light oils, even while the Cartagena Refinery (Reficar) grew its output.
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