Opponents of the General Royalty System (SGR) got a legal victory after Colombia’s constitutional court accepted the arguments of Senator Juan Lozano that the new system is part of a centralist vision, which is prohibited by the current constitution.
Brazilian NOC Petrobras (NYSE:PBR) has finally confirmed the sale its Colombian subsidiary for US$380M to France’s Perenco as it continues to focus on investment in Brazil.
After almost a month and a half of negotiations, the USO has announced a new general strike among its members working for CB&I (CBI: NYSE), the construction contractor involved in the expansion of the Cartagena Refinery (Reficar).
Once a proposal surrounding the environmental management plan of the Barrancabermeja refinery is approved by the National Environmental Licensing Agency (ANLA) is passed, Ecopetrol’s (NYSE: EC) board of directors can approve the next step of the project.
New technologies, off shore drilling and unconventional reserves must be actively harnessed and explored if Colombia is to maintain its oil production above a million barrels a day says Germán Arce, president of the National Hydrocarbons Agency ANH.
Canadian Pacific Rubiales Energy (NYSE:PRE) has proposed that it deploy Synchronized Thermal Additional Recovery (STAR) in the Rubiales field to boost its current production and hand off current primary production to Ecopetrol (NYSE:EC) once the current production contract expires in 2016.
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