Fuel prices fell again in March, but the authorities still cannot shake the questions from consumers and press as to why they have not fallen further if oil prices are down substantially.
The Vice Minister of Mines María Isabel Ulloa attended the seveth annual meeting of the Transparency of Extractive Industries Initiative (EITI), and presented Colombia’s first report on the matter of transparency. She will also sit on the EITI board of the directors.
Another depressing figure has been released by the National Hydrocarbons Agency: in 2015 operators only made 17 registered discoveries, a 39% fall compared to the 28 announcements in 2014.
The General Controller Edgardo Maya Villazón released a report on the handling of royalty funds which included 134 “findings” which the entity considers a misuse of the funds, while a financial institutions industry association warned that the royalty system has not helped reduce the infrastructure gap. These and other royalty-related stories in our periodic roundup.
The renovation of Ecopetrol’s (NYSE:EC) management team is now complete, following the arrival of Juan Carlos Echeverry last year and the shuffling of the 22 upper management positions.
Communities in the area of influence of Ecopetrol (NYSE:EC) warn that the NOC is nearly their only strategic partner, paying for roads, infrastructure and social programs, and so they face an uncertain future as the NOC slashes its costs.
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