The USO said that its actions to oppose fracking through marches and to demand the government ban the process has made it the target of the national police and it has sounded an urgent alarm for greater protection.
While there have been advances in mapping the potential and developing regulations to accommodate unconventional production in Colombia, critical parts of the regulatory framework are still missing and high costs / low oil prices do not help.
The recent decision to reverse an environmental license issued to Hupecol for exploration in the Serranía block due a public outcry has the Colombian Petroleum Association (ACP) concerned for the lack of coherence in applying its policies, which risks lost investment and legal stability.
The Colombian government said it raised US$530M in 2015 for the post conflict transition, while the Economist claims that the Farc is sitting on a secret stash of as much as US$10.5B, a claim the guerrilla denies.
After having its environmental license revoked days after it was approved by the National Environmental Licensing Agency (ANLA), Hupecol said that it is looking at either a lawsuit against the state or an arbitration to resolve the issue and be compensated.
The State Council ruled against Ecopetrol (NYSE:EC) and said that an administrative ruling that stemmed from a public referendum against oil activities in Tauramena was not its business, and rather it should be decided by a different court. Local press have labeled it as a win for the residents opposed to exploration and production activities.
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