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.
The national government and Gran Tierra Energy (TSX:GTE) have signed a voluntary agreement to recovery bodies of water affected by oil production in the Villamarquesa village, in Putumayo. This and other environmental stories in our periodic summary.
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.
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