Friday, the Ministry of Mines and Energy reported that Beatriz Uribe was stepping down from her post as President of the National Mining Agency “for personal reasons”.
August 10, 2012 On July 30th, Australian company Range Resources Ltd published its 2Q12 operational update. A considerable portion of the document was devoted to its new economic participation agreement with private company Petro Caribbean Resources Ltd “that will see the Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the commitments under the Production Sharing Agreement (“PSA”) with the National Hydrocarbons Agency of Colombia (“ANH”).”
Source: Gran Tierra, Hydrocarbons Colombia NOTE: Colombian production only August 10, 2012
Bottom Line: Events of recent weeks have painfully shown that the country simply doesn’t have enough troops to cover all of its infrastructure. This announcement is very welcome.
With the MinMinas and National Planning Department (DNP) crowing last week about the new royalty distribution system, it was inevitable that there would be a reaction from those less favored.
Colombia’s thermal coal deposits are conveniently located within a few hundred kilometers of the country’s Caribbean coast.
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