The ink is barely dry on the most recent tax reform, and already analysts are suggesting the government will have to take further measures to address the budget deficit in 2016 due to the drop in oil prices.
Ecopetrol has secured a US$1.925B load to focus on its 2015 investment on pipeline development and developing production in its aging fields, while some are questioning the reason if not the need.
The rhetoric aimed at the Colombian Petroleum Institute (ICP) intensified this week with the union responding to accusations from the institute director that it is responsible for sabotage inside the facility.
Royalty spending could be cut by 30-40% due to the fall in prices, while the government insists they have a plan. Meanwhile the impact of the price fall is being felt in producing regions as warnings and speculation grows on job losses. These and other stories in this week’s summary of the impact of the fall in the price of oil.
The governors of Meta, Norte de Santander and Putumayo have signed an agreement called the “Regional Alliance of Hydrocarbons” to promote the social and economic development of these producing regions.
As the impact of the Great Slide in oil prices begins to be felt in the broader Colombian economy, industry associations and think tanks find they have a ready audience with the press. Anyone who can articulate a rational perspective contributes to the debate on the country’s most serious economic issue at the present time.
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