Charle Gamba, president of oil producer Canacol Energy (TSX: CNE.T) said that unconventional oil resources have the potential to extend Colombia’s proven reserves to 15-25 years, compared to the 7 years of reserves registered today.
MinMinas announced August crude oil production was 1,031mbd, yet another record month. But the expectation on August 21st was for something much higher.
GasThe natural gas industry needs to incorporate 30,000 buses and industrial vehicles to natural gas as a way to advance a more ecological alternative to diesel. This would mean growing the share of natural gas powered vehicles (NGV) to 15% in 10 years, compared to 8% today.
Ecopetrol (NYSE: EC) started the second phase of the socialization process for its Odisea 3D seismic exploration project, holding meetings and environmental workshops in three villages in Casanare. Its seismic exploration in the area has come under fire and been blamed in local press for causing damage to the environment, in particular to rivers.
According to press reports, despite lifting the blockades in the department of Arauca, petroleum operations are still restricted. The protestors understand that holding petroleum operations hostage is the best way to ensure the government actually comes to the negotiating table.
Four congressional representatives in Colombia’s lower house submitted a tax bill that looks to add industry and commerce taxes to extractive industries, arguing that it would benefit municipal entities outside established royalties.
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