The Colombian State Council found that the firm Gran Tierra Energy Colombia (TSX: GTE) has failed to meet the terms of a contract with Ecopetrol (NYSE:EC) and therefore owes the state oil firm CoP$6.2B (US$2M).
The Minister of Mines and Energy Tomás González led a string of visits and inaugurations which highlighted royalty funded projects in a “Royalty Marathon”, while President Juan Manuel Santos addressed the press and said that royalties are no longer a synonym for corruption.
The director of the Energy and Gas Regulation Commission (CREG) Jorge Pinto Nolla defended the regulatory structure around the natural gas industry in an interview, and said that consumers will not suffer price hikes in their energy bill, nor will the industry be left without the essential fuel.
The Farc commander Rodrigo Londoño, alias ‘Timochenko’ has accepted a government proposal to form a special conclave in Havana in order to advance the talks at a quicker pace. The guerrilla has also proposed establishing a special peace district to concentrate their members in the transition period.
A report reveals that of Colombia’s productive sectors, energy and agriculture are neck-and-neck over who produces the most emissions, meanwhile Ecopetrol and Pacific invest in conservation initiatives. These and other environmental stories in our periodic summary.
Thousands of Colombians invested their savings in Ecopetrol (NYSE:EC) following its market debut in 2007. Those that did not sell off at its peak have been left to watch their investment’s value shrink, and in early November the NOC’s stock fell below its IPO value on the Bogotá exchange. What options do these small investors have to recovery their lost value?
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