The General Royalty System (SGR) has been in place for three years now, with President Juan Manuel Santos marking the event by praising its contribution to job growth and a reduction in poverty. But not all agree.
In announcing Geopark (NYSE:GPRK) 3Q15 results, CEO James F Park said that the company’s portfolio and cost-management efforts resulted in “approximately 85% of our production being profitable at a $25-30 oil Price”.
The controversy surrounding the operation of Colombia’s largest producing field, Rubiales, continues past Ecopetrol’s (NYSE:EC) decision to operate the field on its own. Now statements from the Minister of Labor Luis Eduardo Garzón have ignited a debate on current operator Pacific E&P (TSX:PRE) workers at the field.
Written deep in the Southern Llanos, a local paper goes into an anti-oil rant that essentially says even those that had seen production activities in a positive light are left without any arguments because the benefits of having the resource nearby do not materialize.
A recent poll found a significant increase in public support for the peace process even though the approval of President Juan Manuel Santos rose to a smaller degree, while the Farc announced it will stop buying weapons and munitions, and called for a mutual truce.
Canacol Energy (TSX:CNE) reported its third quarter 2015 results, which showed a sequential increase in production and a fall in costs, but gas production fell sequentially although up year-over-year.
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