New broom: hydrocarbons minister Pérez-García hopes to attract foreign investment in fresh upstream ventures
Ecuador: In a hurry to mend the past
After a decade marred by corruption and legal disputes, Ecuador’s reformist government wants a more investment-friendly exploration regime
The new order started in August with the completion of the merger of the mining and energy ministries into the hydrocarbons ministry, following years of scandal and wholesale sackings. Over the next few months the revamped ministry will start handing out licences under new profit-sharing contracts. The merger was forced by the minority, left-wing government of president Lenín Moreno who seems intent on cleaning out endemic corruption in state-owned oil and gas companies and encouraging stable leadership. In July, for example, PetroEcuador gained its ninth chief executive in 41 months with the appointment of Marcelo Proaño in place of Carlos Tejada who resigned "for personal reasons" after le
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Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
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The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
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The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
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With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
