Former head of the National Hydrocarbons Agency (ANH) and now a university professor in Scotland, Armando Zamora says that communities, the government and the industry must be clear that the oil bonanza has ended, and that we are entering “the third age of oil”.
Figures from the National Hydrocarbons Agency (ANH) confirm what many have said since the middle of last year: 2015 was a dreary year for exploration. But as if the drop in numbers was not enough, the success rate of these wells fell even further.
Gran Tierra Energy (TSX:GTE) CEO Gary Guidry reaffirmed the operator’s focus on Colombia, and said that with low prices many projects will no longer be viable, presenting an opportunity for firms with a low cost structure. He also emphasized the importance of oil infrastructure.
The Ministry of Mines and Energy has lowered fuel prices in February, and highlighted the falling fuel prices over the last year.
The USO welcomed the recent report from the General Controller which questioned the budget overruns in the modernization of the Cartagena Refinery (Reficar), saying that it proves their concerns were warranted and that the outsourcing model is bringing harm to the nation. Meanwhile, workers in two different instances have their own accusations against the union.
Oil prices have risen the last two weeks in a row but it is too early to call “Victory”. January 2016 was, after all, another month when oil prices slid further, hitting new recent lows.
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