Ecopetrol’s president Javier Gutiérrez says that the NOC’s refining business is already operating at a lost in some cases and a drop in the final price between CoP$1000-2000 would mean losses for the company around US$1.75B.
The General Royalty System (SGR), through its decision-making body (OCAD) awarded funding to projects on a number of occasions over August. A particular focus was placed on the coffee growing regions, which are at the center of the ongoing national strike. Royalty funds were also addressed by a senator as way to lower fuel prices and offer funds to agricultural sectors as well.
The price of fuel has emerged from the ongoing national strike as a central theme for discord. One proposal is to rehash the formula used to figure fuel prices and reduce taxes. Greater user of pipelines to transport crude also arose as a option.
The USO continued to cash in on the general strike which has congested Colombian transit since August 19. Union members from across the country joined the strike last Wednesday, August 28.
The national strike is into its third week and there are several signs of progress at the negotiating table. However, roads still remain blocked and the first official confirmations that oil production has taken a hit reached the newswire.
Incidents near areas of interest to the oil and gas industry were down this week to 27 below recent long-term averages. This was a significantly average week for non-armed forces reported/guerrilla-initiated incidents. Unsurprisingly our 4-week Moving Average incident count dropped to 19.8 and the 52 week average dropped as well to 36.9 incidents per week. But none of this the most important story.
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