The General Comptroller has released comments on the royalties budget for 2015-2016, criticized the slow pace at which royalties projects are being executed and highlighted an unrealistic reference price per barrel of oil. These and other stories in our periodic roundup.
The oil industry has always been subject to price cycles, so the fall in prices should be nothing new. However instead it has caused panic among companies which has left Colombian workers and oil engineers exposed says the president of the Colombian Association of Oil Engineers (Acipet) Carlos Leal.
With social investment and corporate social responsibility budgets cut tight with the fall in oil prices, a document filed with the National Department of Planning (DNP) outlines which priorities the government considers the most urgent.
An oil spill in Tibú pollutes the local potable water source while authorities assess potential contamination in Yopal. These and other environmental stories in our periodic wrap up.
Estimates from the Casanare Chamber of Commerce show that the market for contractor firms has been halved due to the fall in oil prices, and could be greater when considering the indirect industries which have been affected.
The government is advancing with a plan to establish free trade zones for offshore exploration blocks, and also approved extensions to concession contracts awarded in the Colombia Round 2014.
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