The Minister of Mines and Energy (MinMinas) Tomás González called for the industry to keep production above a million barrels a day, which he says will help avoid mass lay-offs in the oil sector.
The devaluation of the Colombian peso against the dollar has helped lessen the impact of falling oil prices on company balance sheets as their costs in Colombia drop, but for the government it could have a multi prong effect that will leave its revenues short and increase its debt.
The National Planning Department (DNP) has warned that projects that look for royalty funding will have to be prioritized considering the drop of oil prices and the consequences on royalty payments received by the government. This and other royalty related stories in our periodic wrap.
The Farc’s unilateral truce appears to be holding – despite the strains caused by continued government bombardments – as our measure of guerrilla-initiated incidents fell even though the total count was up one from last week to 28.
Over the last three years the biofuels industry has seen an expansion of its production capacity, now with 14 plants, four of which that have been built in this period.
The USO accused the oil industry and government of attempting to pass industry losses due to the fall of oil prices on to workers.
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