State owned Turkish firm Turkish Petroleum International Company has received its environmental license from the National Environmental Licensing Agency (ANLA) to proceed with a project in Norte de Santander.
It is safe to say that Ecopetrol (NYSE:EC) is confronting one of its toughest years in 2015, with a complex scenario both internally, as it searches for a new president, and externally, as the fall of oil prices cuts into its exploration budget and future revenues.
Already a number of wells have been shuttered for the low price of oil, prompting speculation on how the decline will impact the industry and communities in the short and mid term.
Minister of Labor Luis (Lucho) Garzon has noted the recent announcements of well closures and project cancelations and wants to find a way to prevent unemployment from increasing.
We are not yet plumbing new depths – prices have been lower even in this century, even since the founding of the ANH – but likewise there is little beyond perhaps wishful thinking that this is going to stop soon.
A number of recent announcements of closures of wells in Casanare communities like Maní, Trinidad and Aguazul due to the low price of oil has authorities worried that the impact to local hiring and social investment could wreak havoc on the department.
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