The Colombian Chamber of Oil Goods and Services (Campetrol) expects that the oil sector’s Foreign Direct Investment (FDI) will drop 42% in 2016 to US$4.72B, and has bleak perspectives through 2020 if key policy issues are not addressed.
GasNatural gas market research firm Concentra said that the end of the El Niño weather phenomenon has led to a surplus of gas in the market, and a 7% fall compared to April 2016, with 991Gbtud consumption on average.
An alliance of the Bogotá government, green waste management firm Sistema Verde and cement producer Argos looks to round up the thousands of abandoned tires in the capital’s streets and process them, even resulting in fuel. This and other environmental stories in our periodic summary.
Both the Colombian Petroleum Association (ACP) and the Colombian Association of Oil Engineers (ACIPET) welcomes the recent ceasefire agreement, and said that the oil industry has been one of the sectors most affected by the armed conflict.
The Ministry of Finance (MinHacienda) is preparing to issue treasury bonds worth CoP$853.177B (US$294.4M) to cover financial obligations with the Fuel Price Stabilization Fund (FEPC), in an operation that has some analysts scratching their heads.
The other major reversion (besides Rubiales), Ecopetrol (NYSE:EC) is set to receive the Cusiana field on July 4th, after the end of the Tauramena association contract, signed originally between BP (NYSE:BP) and Ecopetrol in 1986.
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