Casanare and industry representatives met to discuss the state of a transportation agreement and found positive results, while in Meta the government will invest to pave a stretch of road leading to the Rubiales Field. These and other stories in our periodic roundup of road-related issues.
The drop in the oil price has spurred dramatic cuts in the investment plans of Colombia’s most important operators, but there is a long ripple effect that the price fall has on the communities, junior operators and side projects that go beyond the big headlines. Here is a summary of some of the more relevant stories to emerge over the last week or so.
The USO celebrated 92 years of existence with a pat on the back and taking credit for the creation of Ecopetrol (NYSE:EC) — in its monopoly, completely nationalized-oil-industry format of course.
The government has “concrete solutions” underway to stimulate investment in oil exploration and production as a countermeasure to the curtailed spending due to the fall in oil prices.
The Farc made a public announcement that they have been urged by peace advocates to continue with their unilateral cease fire, and pressed the government to make it a bilateral agreement.
Ecopetrol (NYSE:EC) has been hit hard by guerrilla attacks, a poor discovery record and now the fall in oil prices. But it is a similar fate for other Latin American NOCs, if not worse. Petrobras (NYSE:PBR) has been rocked by corruption scandals and Pemex’s ability to function in a privatized market is questionable as the oil price slide cuts into its budget. Let us not even mention PDVSA.
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