After having cut CoP$2.8T from operating costs in 2015, Ecopetrol (NYSE:EC) announces further cuts for 2016 which are expected to save CoP$1.6T (US$0.5B).
The royalty budget planned for 2015-16 will not be manageable with oil at its current level, and needs to be cut by at least 30.8%, warns the General Controller. Meanwhile press reports on which regional entity is the worst in terms of royalty management abound. These and other stories in our periodic roundup.
Colombia’s crude production is represented largely by Castilla and Vasconia crude, which have suffered even greater falls in value than the Brent or WTI benchmarks, meaning that with those latter prices hovering above US$30/barrel, production is barely profitable.
While the decrees and studies on how to lower the costs of natural gas in the Caribbean region continue, other regions are now clamoring for a discount in their gas prices as well.
The high prices of sugar and the devaluation of the peso against the dollar have led ethanol producers to losses, said the biofuels industry association Fedebiocombustibles.
It was already burning, and you should not blame the firefighters, said Ecopetrol president Juan Carlos Echeverry in response to questions regarding the role of current ministers and government officials in the overruns of the Cartagena Refinery. This and other stories in our update on this matter.
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