The Association of Colombian Oil Goods and Services (Campetrol) said that at a price of US$34.41/barrel, 92% of Colombia’s producing fields yield a netback. The problem however lies in the high regional costs, blockades and now court decisions which cut into the country’s competitiveness.
Ecopetrol (NYSE:EC) announced a national campaign which looks to recognize projects which are leading the way in innovation and competitiveness in issues that directly affect oil producing regions. This and other stories related to Corporate Social Responsibility in our periodic summary.
In the first major regulatory act of the new Minister of Environment Luis Gilberto Murillo, a new council will review the process to award environmental licenses and will no longer look to meet established timeframes for “expedited”, or “express” environmental licenses. The measure could affect licenses which have already been granted.
The Constitutional Court has suspended another project after it ordered the immediate suspension of the construction of a gas pipeline in the Pascacaballos settlement near Cartagena, and ordered the project to hold a prior consultation process with several local groups.
The USO unloaded against the manager of the Barrancabermeja Refinery Orlando Díaz Montoya and alleged that the refinery has lost a large sum of investment due to poor planning, the hiring of foreign workers, and other costly errors.
When I read this title in a Portafolio article, I feared the worst. So much so that I took weeks to work up the courage to read it.
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