Strong growth has made the oil industry a target of “political and economic appetites”, who have managed to install a transactional relationship with the industry that affects its viability, but the post-conflict scenario will only prove more challenging, says the former head of the Colombian Petroleum Association (ACP) Alejandro Martinez.
The trend keeps going upward although, this week, incidents were down again to 38 still well above long-term averages although below trend for the first time in several weeks.
As unconventional production moves forward in a number of production blocks around the country, Colombia’s environmental movement has taken notice, with the first skeptics looking at fracking practices in the VSM 16 block in Huila.
The Finance Ministry (MinHacienda) still holds an optimistic outlook for production over the next 10 years, with average production expected at 1.063mmbd in its Midterm Fiscal Framework (MFMP).
Pacific Rubiales(TSX:PRE) receives recognition for a program to benefit local suppliers, Parex aids a large family and adds infrastructure in Pore, these and other Corporate Social Responsibility (CSR) stories from oil operators.
The Colombian Petroleum Association’s new president Francisco José Lloreda called on the government to improve its ability to protect the nation’s pipelines, regardless of any peace advances with the guerrilla.
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