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Peace slipping away in Havana

In recent statements, President Santos has been optimistic about the peace process with Farc. He said that “if there is will, this country will find that much desired peace.” He recalled that ever since he took office, he considered the peace process a possibility: “And so from day one, with great humility, but with much -and this is what I learned from Winston Churchill- perseverance, I began to weave the possibility of approaching the enemy, approaching FARC, to see if they wanted to find a negotiated solution and end this conflict.”

Wednesday, January 30th, 2013
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Paula Acosta of DNP says royalties system not yet having the desired effect

Paula Acosta, deputy director of the National Planning Department (DNP), spoke to Portafolio.co about the strengths and weaknesses of the royalty system. Acosta said: “The system is running. The leaders already know how it works. It probably does not yet have the desired regional effect, but that is a consequence of a new process. The goal that the eight departments come together to make a great project still has not arrived. It’s something we have to build. Another gain is that there are many projects ready to present in 2013 and 2014. In general, the fundamental change is that everyone is moving based on projects and spending quality.”

Wednesday, January 30th, 2013
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Pacific announces social investment of US$30M

Website ConfidencialColombia.com reports that Pacific Rubiales will invest US$30M in social projects this year, 5% more than in 2012. Alejandro Jimenez, corporate social responsibility manager of the company, stated: “2013 investments will benefit indigenous and ethnic communities, and other minorities. The good relationship with communities was evident in the harmonious atmosphere that maintained an uneventful operation; there were no blocks or public order disturbances during 2012 or so far this year.”

Wednesday, January 30th, 2013
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Canacol announces higher non-tariff production for 2013

Canacol announces higher non-tariff production for 2013

Canacol’s production reports always generate work in the HCC offices because their business is never simple. Through the first half of 2012, most of their revenue-generating production was so-called “Tariff” which was essentially was a services contract where they pumped oil for another company at a set fee per barrel. This was a low-netback business that the company has been deemphasizing, expecting it to be only about 11% of its business in 2013. As the graph shows, they also report figures before royalties, a not uncommon practice but one we do not agree with and normally try to adjust for.

Tuesday, January 29th, 2013
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Pacific Rubiales recognizes the work of its suppliers

Business newspaper La Republica reports that Pacific Rubiales awarded suppliers and contractors with the best performance in 2012. To this end they organized the third meeting of suppliers and contractors. Federico Restrepo, the company’s vice president of corporate affairs and sustainability said these incentives allow service companies “continue to accompany us on this journey towards higher levels of activity, efficiency and competitiveness.”

Tuesday, January 29th, 2013
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Quarterly investor pressure makes it hard to find big deposits

Portafolio.co reports that, according to a study by Central Bank, despite the last 20 years’ worth of investment, exploration and successful drilling, it has not been possible to find oil fields with reserves as large as those of the Cupiagua (Casanare), Cusiana (Llanos) or Caño Limón (Arauca).

Monday, January 28th, 2013
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