Delays in environmental licensing are seen as the main cause in an 8% drop in rentals of perforating drills in January-May 2013.
Oil extractor Equion has refuted accusations from the community action board president of El Morro, Jorge Castro, saying that it is complying with environmental measures to protect the water and that no one has invested more in the roads than it has.
The General Royalty System (SGR) and the National Planning Department (DNP) have issued a string of nearly daily announcements in June detailing advancements and approval of projects that will receive funding using the royalty system.
Colombian President Juan Manuel Santos visited the city of Villavicencio in the Meta Department and called for a balance between oil production and the environmental and social needs of the community.
Colombia’s Unidad Nacional political party has put assistance to community mayors in obtaining funds from the General Royalty System (SGR) on the agenda, with a senior member suggesting changes might be needed at a congressional level.
The Banco de Bogotá has been one of the lead banks to finance the US$5B needed for all three phases of the Bicentennial Pipeline and bank executives expect this role to continue as the pipeline becomes operational.
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