With the Finance Minister Mauricio Cárdenas in the crowd, Senator Iván Duque, of Senator Alvaro Uribe’s Centro Democratico party, leveled a blunt criticism at the government’s handling of the energy and mining sector and the spending plan going forward.
A recent study from the Neiva Chamber of Commerce in Huila found that the fall in oil prices and the shock waves it has sent through the services industry has touched on almost every part of the local economy.
The Huila department royalty budget suffers from peso devaluation and low oil prices, meanwhile a royalty funded project in Casanare includes five new gasification networks. These and other stories in our periodic roundup.
Combine insufficient infrastructure, blockades, attacks and high tax rates with a crude sales price of US$30, which some speculate could be a reality in the near future, and Colombia’s oil business loses all of its shine.
As Ecopetrol (NYSE:EC) slashes its costs in strategy which means new importance for secondary recovery and an efficient costs structure, the NOC could confront a drop in production of 10-15% in the first quarter of 2016.
In the international news section, the current Colombian story is its border dispute with Venezuela. Colombia’s neighbor has ejected several thousand Colombians living near the border and then closed the section in the northeast near Cúcuta to all traffic in either direction.
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