The flare in violence following the end of the Farc’s supposed unilateral cease fire has put pipelines and oil infrastructure back in the crosshairs of guerrilla groups. It could not come at a worse time for Ecopetrol (NYSE:EC) which will see its costs rise and production fall as a result.
We recently looked at analysis from the Colombian Chamber of Oil Goods and Services (Campetrol) on exploratory wells, which showed the strong impact of the price crisis. For seismic exploration, the picture is even worse.
Last week reports of missing hard drives at the National Hydrocarbons Agency (ANH) with data on offshore blocks caught the attention of the local press. However probably a bigger story was on falsified bank guarantees for ANH contracts, conveniently slipped into the same press release. Now more details emerge on this latter issue.
Colombia’s Chamber of Oil Goods and Services (Campetrol) compiled a historical and graphical analysis of the pace of exploration wells since the entry of the National Hydrocarbons Agency (ANH), which paints a dismal picture of a crisis which is far worse than that of 2009.
A series of attacks and drained tankers in Putumayo from the Farc has evoked widespread outcry from authorities, as the local community and ecosystem deals with yet again with a long lasting environmental impact.
Colombia’s Minister of Mines and Energy (MinMinas) Tomás González said the tax burden on companies seeking new reserves will be reduced and that the reduction will not affect public finances.
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