The Colombian Ministry of Mines and Energy issued the regulation that allows progress towards the exploitation of hydrocarbons offshore, ensuring the application of good practices and international standards during drilling, intervention and production, and taking into account technical, operational, safety and environmental standards.
Colombian central bank updated the figures for Colombia's external debt which totalled $ 150,189 million in July, or 53.6% of GDP, of which $ 83.068 million is public debt. Total private debt as of July is US $ 67,121 million.
Infrastructure funds are interested in Colombia’s $13bn fifth generation (5G) program, citing regulation advances, an attractive project pipeline and the government’s success in speeding up works in the 4G concessions program. The first wave of the 5G program involves 12 projects requiring US$5bn, while a second wave involves 11 concessions and US$8bn, transport minister Ángela Orozco said. The effort of the government to strengthen concession contracts was praised by BlackRock’s managing director for Colombia and Central America, Luis Núñez, who added that “the 4G and 5G contract model, from an ESG [environmental, social and governance perspective] can be exported to any place in the world.”
Fenix Oro has started drilling at its Abriaqui gold project in Antioquia, Colombia, which is about 15km west of Zijin Mining’s high-grade Buritica mine development. The first hole of a US$2.9 million, 6,000m drilling programme is underway. It will feature angled holes across interpreted families of veins. The first phase will see 4,500m drilled in 10 holes with the remainder to be programmed depending upon results. Fenix also aims to drill one hole into a magnetic anomaly to test for porphyry-style mineraliation.
The World Energy Council (WEC) updated its Energy Trilemma, in which it assesses 130 countries against their energy security, energy equity and environmental sustainability of energy systems. Colombia climbed 12 places in the ranking, reaching 35 with an average score of 72.3 out of 100; in sustainability it was ranked ninth; in safety at 33 and in equity at 73. Daniel Díaz, technical secretary of WEC in Colombia assured that the country's performance has improved due to the incorporation of 2,200 MW of renewable energy into the national electricity matrix.
The Colombian government estimated that with the resources of the mining and energy sector the regions will be able to have at least $ 800 million to allocate to projects for the country´s economic reactivation in 2021 and 2022, which represents 20.4% of total investments.