The Colombian Ministry of Mines and Energy provided a year-end summary, highlighting some of the records achieved in 2012. From a MinMinas press release, selected, translated and with commentary by Hydrocarbons Colombia.
Incidents were up slightly this week but still well below current averages. We calculate a 4-week moving average to smooth out weekly variations and although that rose significantly in the run-up to the first round of peace talks, it dropped almost as rapidly to settle at about 40 incidents per week. With two straight weeks below 30 incidents, the moving average is now dropping and shows every indication (statistically) to continue to drop.
Our monthly Inner Circle report is now available for download (see below). This month we feature two interviews, one with ex-head of the National Hydrocarbons Agency, Armando Zamora and one with the leaders of Petrominerales’ Corporate Social Responsibility initiatives, María Mercedes Palacio and Larry Kozy.
If one were confronted with the simple question: “What is the price of a barrel of oil?” you would need to reply in turn with many other questions: “When?”, “Where?”, “A physical or a ‘paper’ barrel?”, “What quality?”, “To be sold/bought by whom?”, etc.
On the evening of December 19th, the Colombian Congress passed a comprehensive tax reform. It is intended to be revenue neutral – neither increase nor decrease government revenues – although this is always a theoretical calculation. The intention was to reduce inequality by lowering taxes on the middle class through raising the threshold below which individuals do not pay income tax. This was compensated by raising taxes rates above the threshold and by slightly higher corporate taxes (1% higher). However the hydrocarbons industry dodged several bullets aimed by at it by congressman Simon Gaviria.
According to a press release reported by national business newspaper Portafolio, Hidrospill is a Colombian company specialized in preventing oil accidents and related contingency actions. To enter the Central American and U.S.market it created a partnership with the American company IMO. In recent years Hidrospill has grown steadily at almost 130% annually and operates in Ecuador and Peru.