Colombia’s government seeks to convert a transitional 1% tax on petroleum, gas, and coal extraction into a permanent levy through an economic emergency decree, following Congress’s rejection of the tax reform legislation that originally contained this measure. Finance Minister Germán Ávila indicated that, after the financing law’s failure, the emergency mechanism would be utilized to recoup resources needed to complete the COP$546T budget.
Fitch Ratings downgraded multiple Colombian energy companies following the country’s sovereign rating reduction, with Ecopetrol, Grupo Energía Bogotá (GEB), and Enel Colombia among those affected. The rating actions reflect these companies’ close ties to the Colombian state and its deteriorating credit profile.
Presidencia issued a press release saying that Ecopetrol and Sierracol had updated their natural gas production declaration, directing more from “own use” to the pipeline network.
NG Energy issued a press release saying it had received permission from the ANH for its transactions with Maurel & Prom for Sinú 9. Over the holidays, the Colombian press had a flurry about this, attempting to tie this permission to Ricardo Roa’s apartment “scandal”.
Transportadora de Gas Internacional (TGI), a Grupo Energía Bogotá subsidiary, signed a binding commercial agreement with Höegh Evi to establish a Floating Storage and Regasification Unit (FSRU) for a regasification plant in La Guajira, specifically at Ballena.
Colombia’s National Planning Department (DNP) identified execution alerts in 3,275 royalty-funded projects valued at COP$19.7 trillion through the General Royalties System monitoring. The alerts emerged among 5,950 total projects reviewed, affecting potential completion and development of these initiatives.
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