The Meta Department government has frozen more than half of its planned spending on projects that were to be funded by royalties as it prepares for a significant decrease in royalty funds in the next years. This and other stories in our periodic roundup of royalty related issues.
Incident counts were down to 28 but non-Armed Forces reported incidents were up so the decrease was due to less Army reporting.
Ecopetrol’s (NYSE:EC) Colombian Petroleum Institute (ICP) former employees who lost their worker contracts back in February wrote an open letter to Ecopetrol president Juan Carlos Echeverry, charging that the NOC has been violating the law by outsourcing labor.
Canacol Energy (TSX:CNE) has announced its 2015 Capex plan which includes an investment of US$84M for its operations in Colombia and Ecuador. Due to uncertainty on the price of crude, the firm says it has focused on its gas reserves, and expects 60% of its production immune to fluctuations in the price of crude .
Promigas president Antonio Celia believes that there is commitment from the government to make gas infrastructure licensing more agile, but the system does not fully consider the cost of delays in licensing, considering the loss in royalties, investment, job creation, gas availability and gas rates.
The Farc attack in mid-April has eroded public support to its lowest point since the start of the peace process in November 2012, a Gallup poll has found.
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