A Casanare representative has challenged articles of the royalty reform law while the National Planning Department (DNP) has suspended payments to 106 municipalities who have not reported their royalty use. These and other stories in our routine round up.
The USO welcomed the decision of Ecopetrol (NYSE:EC) to not renew the Rubiales Field association contract with Pacific Rubiales (TSX:PRE) saying that it was a result of years of social and political pressure. But the union was clear that it is just the first step.
The Colombia Chamber of Oil Goods & Services (Campetrol) estimates that as many as 15,000 workers with oil contractors have lost their jobs thus far due to the fall in oil prices, and that the cuts will likely continue.
Finally ruling on one of the more controversial and uncertain scenarios facing the Colombian oil industry, Ecoeptrol (NYSE:EC) has said it would not renew its association contract with Pacific Rubiales (TSX:PRE) for Colombia’s largest producing field, Rubiales.
The Minister of Mines and Energy Tomás González says that the government’s objective is keep production at a million barrels a day despite the fall in international oil prices, and that there is interest among international companies to invest in Colombia.
GasMinMinas reported that gas production rose in February due to “demand behavior for the Riohacha, Cupiagua, Cusiana and Pauto fields”. The graph shows that while February numbers rose, the trend is not so postitive.
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