The recent decision of the Constitutional Court to prohibit oil activities in Orito, Putumayo goes much deeper than that particular municipality. It signals a shift in the balance of power between Bogotá and regions when it comes to extractive activities.
The director of the National Planning Department (DNP) and Ecopetrol (NYSE:EC) board member Simon Gaviria says that the NOC is preparing a dividend proposal that looks to protect its investment grade rating, and avoid being classified as a junk.
“What is signed in Havana will be subject to a plebiscite, whether the Farc likes it or not”, said President Juan Manuel Santos in reaction to an open letter from the guerrilla that it would not be the adequate legal or constitutional instrument.
Ecopetrol (NYSE:EC) has made a push in local press to justify its adjustments to contract values as a measure to protect employment and the value of the company in oil producing regions, but says that communities must work with it to do so.
The Chamber of Energy Goods and Services (Campetrol) published an analysis in which it found that calculations of Colombia’s reserve life are much lower due to the fall in oil prices, and do not even extend for five years.
The president of the Colombian Petroleum Association (ACP) Francisco Lloreda talked about the impact that the fall of oil prices has had on Colombia’s producing regions in a long interview, and urged the government to do more to incentivize exploration and lower the fiscal load on companies.
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