In a matter of a few days, a blizzard of controversy over an environmental license to proceed with an E&P project near a natural reserve in La Macarena, Meta forced explanations from authorities and an eventual suspension announced by President Juan Manuel Santos.
The Delegate Controller for the Environment insists that the Cartagena Refinery (Reficar) only has an environmental license for “internal” transport of industrial coke which does not include shipping it in trucks to the port, and said it must request a new license.
A few years ago, it seems that there was an oil conference every other week in Colombia. Low oil prices killed that trend but, considering its longer time frame (relatively unaffected by current price woes), offshore is the new ‘belle of the ball’ and so there is a flurry of related events.
Last week we updated our estimates of netback and Production and Transport costs for crude oil. This week we look at gas and although the sample size is much smaller, gas widened its advantage over crude oil in terms of netback.
The USO has jumped into the controversy surrounding the environmental license of Hupecol in La Macarena, warning of the damage which could occur from granting licenses like these.
About twice a year we have a reason to publish a long term graph with oil prices in real terms going back to 1986. We had heard of but not found a series going back to the 1920s. Last week at the Association International of Petroleum Negotiators (AIPN) meeting in Bogotá, we saw a graph going back to 1861. The source for this proved easy to find and so appears above.
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