Based on numerous reports in the Colombian press Minminas Federico Renjifo believes about 100,000 barrels of oil production is held up due to delays in the granting of environmental licenses. In some cases National Environmental Licensing Agency (ANLA) employees are making requirements beyond those established by law. Renjifo also claimed that the licenses are a bottleneck and there need to be manuals for the procedures to be followed by companies to get crude oil exploration and development licenses.
The big news this week without question was the purchase of C&C Energy (aka CyC Energia) by Pacific Rubiales.
The Family Welfare Branch of the National Army (JEFAM) and Ecopetrol launched “Plan Padrino”. This plan seeks to provide support to soldiers wounded in pipeline areas in the following departments: Santander, Arauca, Magdalena, Nariño y Putumayo.
El Colombiano reports that last October (2012) Ecopetrol’s shares were the fourth most widely traded in the Integrated Latin American Market (MILA), which integrates the equity markets of Chile, Colombia and Peru. The total value of Ecopetrol shares traded during October was approximately US$445M. In Toronto, the stock closed the month up over US$1.50 although the day before the initial phase of the 2012 Round of auctions it had been up over US$4.00.
The Spanish electricity generation company said in a press release that it will enter the retail gas market next year. According to the press release: “This initiative responds to the opportunities presented in the Colombian market and expectations that consumers currently have for new offers and agents.”
Federico Renjifo was an Ecopetrol board member before he was appointed Minister of Mines and Energy at the beginning of September. He is still a board member as MinMinas but that opened his existing seat to another candidate. Ecopetrol has called a special general assembly for December 6, 2012. So far the only agenda item is election of the missing board member and the company proposes Jorge Pinzón Sánchez of the law firm Opebsa.
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