Authorities from Colombia and Venezuela met in Maracaibo last week and have penned an agreement to collaborate against the sale of contraband fuel on their shared border, and opened the door to selling Venezuelan fuel once again.
Recently Ecopetrol (NYSE:EC) gave its annual purchasing strategy presentation to its accredited providers. The chart shows a pie chart of all purchases as well as a breakdown of the Oil Services category.
The new royalty system is taking shape and receiving royalties is no longer “like winning the lottery”, resulting in car purchases and other extravagance, says the director of the National Planning Department (DNP) Tatyana Orozco.
The upcoming Colombia Round 2014 will likely have two phases in order to separate conventional and unconventional resources according to the Minister of Mines and Energy Amylkar Acosta.
In the Putumayo Department, 2014 has kicked off with a wave of violence that has cost 30 lives to date, among them three community leaders and an oil engineer, and the region’s representative to the lower congressional house has called for help from the national government and military.
The office of Alejandro Ordoñez, Colombia’s Inspector General, has met with leaders of three departments bearing the brunt of oil tanker traffic on their roads to form a work committee that will analyze this growing point of contention in oil producing regions.
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