Geopark (NYSE:GPRK) has released its work plan for 2016, in which it looks to create a flexible capital allocation scheme that can adjust to the market conditions and select projects in the five countries where it operates. Currently Colombia is slated to receive the largest investment.
We were inspired to do this graph by a recent article from Diario del Huila, lamenting changes in market share for the department as a whole.
While tankers are often the target of complaints from communities in oil producing regions, the ‘not in my backyard’ mentality is just as strong with pipelines, and the consequences of having the Transandino near the city of Tumaco, Nariño, clearly depicts why.
The first negotiations of 2016 have gotten started in Havana this week. The holiday season was calm for the most part, but the March 23 deadline to sign a final agreement looms in the immediate future. Then the hard work to implement the peace transition must take shape.
The service industry and members of the Colombian Chamber of Oil Goods and Services (Campetrol) have suffered over the last year, with 38 service firms filing for bankruptcy protection and 40,000 jobs lost. Its president Ruben Dario Lizarralde urged Ecopetrol (NYSE:EC) to continue exploring for the good of the country.
The National Hydrocarbons Agency has canceled three contracts with Optima Oil and Range Resources for not meeting their contractual obligations and supplying inadequate letters of credit as a guarantee.
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