The National Hydrocarbons Agency has published a letter confirming that it has reached an agreement with Pacific Rubiales Energy (TSX:PRE) and will proceed with termination of its concession contract in the Rio Ceibas basin (VSM-13), to the delight of the local community.
Starting at the beginning of May Colombia cut off gas exports to neighboring Venezuela to guarantee a constant supply of the resource considering the El Niño weather phenomenon. Venezuelan authorities are less than pleased and say the decision could impact its supply to Colombia in the future.
Through a joint effort between the Ministry of Mines and Energy (MinMinas) and the Ministry of Environment (MinAmbiente), a new process including additional requirements will be required for companies to perform seismic tests for exploration.
The USO and Ecopetrol have taken another step towards the negotiation of a new collective bargaining agreement after formally resigning from the current, standing agreement.
One week after incumbent President Juan Manuel Santos was shocked by a first round defeat to Uribist candidate Oscar Ivan Zuluaga, incidents near areas of interest to the oil and gas industry were down to 33, below recent but above long-term averages.
Royalty reform or rather counter-reformation is the subject of a long article this month partly because MinMinas Acosta brought it up but mostly because we believe that the current system is the cause of much community conflict.
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