The General Controller Edgardo Maya Villazón presented another report on royalty use which he says shows the royalty process changed under the General Royalty System (SGR), but the bad conduct and mismanagement did not. This and other related stories in our periodic roundup.
The Cartagena Refinery has reported all 34 of its production units are now up and running, completing the startup phase and the controversial expansion of its capacity.
The oil industry is not the only sector to suffer from constant blockades and protests. Mining projects, electrical lines and new highways have all suffered delays due to an increasing conflictive community relationship.
A new law signed by President Juan Manuel Santos will allow departments to apply royalty funds to bills for additional health care, and cover outstanding debts with service providers and insurers, an area where a number of departments are suffering financially.
Low prices have led to a number of closures and cutbacks in the oil industry’s investments and productions. According to numbers from the National Hydrocarbons Agency (ANH), this combined impact has shuttered 15 fields and represents a loss of 20,000bd on average.
We updated our Quick Colombian Committed Producers Share Price Index for 2Q16 and things are looking better.
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