Add biofuels refining to the list of problems that Ecopetrol (NYSE:EC) has racked up, with a planned plant facing a familiar trend of labor issues, overrun budgets, and delays.
The Biennial General Royalties System (SGR) budget for 2015-16 has been presented, contemplating CoP$18.27T (US$8.97B) for 2015-16 for investments and savings. While the amount has increased, it depends on meeting tough production goals, and has left producing regions feeling shortchanged.
After rising two weeks in a row, articles on fracking or unconventional hydrocarbons fell last week. Positive articles exactly balanced negative ones.
Pacific Rubiales (TSX:PRE) has no plans to sell its assets in Colombia or leave the country, and plans to invest US$1.8B to strengthen its operations in the country.
The number of natural gas vehicles (NGV) has reached half a million according to government figures, and fuel service giant Terpel says its distribution network is now sufficient to continue growing the market.
The Colombian Petroleum Association (ACP), criticized a proposed increase of the wealth tax which it says would deter exploration activities and investment just at a time when the industry and country need it. Instead the government should address issues of security, protests and licensing to increase production.
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