Past lowering diluent costs associated with moving heavy crude, Pacific Rubiales Energy (TSX:PRE) acquisition of Petrominerals (TSX:PMG) transportation infrastructure is also a strong point to this deal. The company will form a new subsidiary to manage infrastructure assets and sell a 40%.
Jorge Bendeck, a longtime ally of the new Mining and Energy Minister Amylkar Acosta, is a small step away from taking the position as president of the National Hydrocarbons Agency (ANH), bringing his experience and focus on exploration and infrastructure with him.
Canacol’s year end is June 30th and it recently published its Annual Information form with Canadian securities regulators. Its proven reserves grew organically 24% and the Shona purchase allowed reserves to nearly triple.
Ecopetrol’s (NYSE:EC) oil transportation firm Cenit will increase its investment plan to US$1.4B in 2014 and its president Camilo Marulanda says that daily production in Colombia could reach 1,350,000bod by 2015.
Colombia’s National Hydrocarbon’s Association (ANH) will become the entity responsible for collecting royalties generated due to gas production starting January 1, 2014.
The ramifications of the Constitutional Court’s ruling that congress, not the executive branch, is responsible for the fixing of fuel prices or subsidies will render two big losers: Colombian consumers and the NOC Ecopetrol (NYSE:EC).
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