The director of the National Planning Department (DNP) Simón Gaviria said that the General Royalty System (SGR) has approved CoP2.23T (US$864.9M) in funds and incentives that will compensate producing regions in light of the fall in oil prices and its consequences.
Apart from oil prices (still going down!), Ecopetrol transition is one of the key issues for the industry at the present time and we start with a harsh commentary on soon-to-be CEO Juan Carlos Echeverry from political commentator, Mauricio Vargas who worries that the NOC will become yet another source of political patronage.
Pacific Rubiales (TSX:PRE) president José Francisco Arata says that 2015 will be a tough year for the operator, but that the current woes faced by the company and its impact on its share price do not reflect its true value and potential.
The official Weighted Average Cost of Capital (WACC), is still in the works and the president of the Natural Gas Association (Naturgas) Eduardo Pizano says that investments in infrastructure expansion are held up as a result.
Colombia’s reserves are dwindling, and exploration programs have suffered a drastic fall compared to last year, prompting speculation that Colombia could have to start importing crude in the not so distant future.
Time is up on a 90-day period given by the Ministry of Mines and Energy (MinMinas) to local municipalities and districts to present details of protected areas, with authorities and advocates questioning the timing and reach of the decree.
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