Could Colombia use unconventional blocks to attract new investment, despite the low price of oil? As unlikely as it seems, there is already one successful example.
The Colombian Association of Oil Engineers (ACIPET) issued a statement regarding the reversal of Hupecol’s environmental license in La Macarena, and warned of a growing stigmatism of the oil industry and its activities. The result is heightened legal uncertainty and a lack of respect for the industry’s professionals.
The Regional Autonomous Corporations (CARS) defended their role in the awarding of environmental licenses and expressed concern that national authorities like the National Agency of Environmental Licenses (ANLA) have ignored their opinion and approved projects.
Casanare congressional representative Luis Hernando Otálora has reminded his constituents to have some restraint when making requests for the oil industry, focusing on local hiring for goods and services.
The Ministry of Mines and Energy (MinMinas) has the unfortunate claim of being the ministry with the largest share of controversy in this current government, but the Ministry of Environment (MinAmbiente) is not far behind.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said that the firm does not see short term relief in the price of crude, and that it will continue “in crisis mode” for the foreseeable future, even for the next five years.
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