Ecopetrol’s (NYSE:EC) proven reserves could feel the impact of the fall in oil prices when they are updated next year, since some of its projects and gains from more costly secondary recovery techniques could be discounted as they would no longer be profitable.
The Ministry of Environment (MinAmbiente) held its account rendering session for the year, and defined ambitious goals for reductions in greenhouse gases and expanding the amount of protected areas in Colombia, among other initiatives.
Changes proposed by the Energy & Gas Regulation Commission (CREG) that would reduce payments from the “reliability charges” to thermal generators were rejected by this industry and now the companies have stepped up their protests, saying it puts the country at risk of blackouts and could be illegal.
The Tumaco Department continues to suffer from the affects of the historic oil spill in the Mira River, meanwhile a bill was ratified that would protect the country’s parámos. These and other environmental stories in our periodic summary.
After much local fanfare to call for a modernization of the Barrancabermeja Refinery, Ecopetrol (NYSE:EC) reaffirmed that it would enact projects in stages to improve the facilities.
The growing demand for Natural Gas Vehicles (NGV) could quicken if new vehicles for the transport industry become available, but the process to receive tax benefits for the “cleaner” vehicles and questions on supply hold the market back.
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