It’s been a quiet few days for the oil and gas and mining
sectors in Colombia. Experts and observers have mostly kept their attention fixed
on the international negotiations regarding Iran’s nuclear program, and the effects
that the partially negotiated settlement has had on global oil prices. Oil
industry observers expect oil prices to fall even further than their
already-low levels if the negotiations continue to progress. Not only would
prices plummet in the short-term thanks to an influx of oil that Iran currently
has in storage, but foreign investment would also bolster the Iranian oil
industry and allow it to fully take advantage of the country’s massive oil
reserves.
This news would disappoint the Colombian oil industry, as it
hopes that oil prices will rebound and stimulate increased investment in
exploration in the country. The Colombian oil industry had initially hoped that
investment in the country’s shale oil potential could grow its meager oil
reserves, but a prolonged period of a sub-$50 price per barrel would do just
the opposite. It would decimate the Colombian oil industry, which has been one
of the key drivers of the country’s economic growth over the last 15 years.
In other news, Mammoet USA announced
that it had completed a large heavy lifting and transport project at the
largest oil refinery in Colombia, the Reficar Refinery. Mammoet managed all
overland transportation, inland shipping, and on-site lifting.
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