Both national and local leaders have taken to talk of an opportunity to strengthen other sectors outside of oil and create a more diversified economy, and many planned projects, including a micro-refinery in Meta, will have to be reconsidered. These and others stories in our periodic review of the impact of the fall in oil prices.
As the debate on the the National Development Plan for the next four years starts in Colombia’s congress, the Minister of Mines and Energy (MinMinas) Tomás González has made another public appeal for flexibility for companies in the oil industry, considering the price crisis.
The Ministry of Mines and Energy (MinMinas) is advancing with a resolution that would rework how territorial entities share royalties of projects on properties which overlap regional borders, introducing a new formula.
Outspoken critic of Santos and the Farc peace process, senator Álvaro Uribe has emerged with new talking points on the peace process, calling for geographical isolation and a cautious pace, instead of outright rejection.
The UTEN workers union which represents workers with Pacific Rubiales (TSX:PRE) has an uncertain future due to the decision of Ecopetrol (NYSE:EC) to not renew its association contract with the Canadian operator for the Rubiales Field.
Pacific Rubiales (TSX: PRE) reported net losses amounting to US$1.3B in 2014 (impacted by an asset impairment charge), suspending its dividend as the fall in oil prices left a significant mark on the company’s financial results.
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