Ecopetrol to sign the first fracking pilot contract for $ 76 mn

State oil company, Ecopetrol, is the first firm authorized by the Colombian National Hydrocarbons Agency (ANH) to participate in the fracking pilots that, according to the Ministry of Mines and Energy, could start in 2021. Ecopetrol will initiate the investment plan for the Pilot Projects of Integral Research (Ppii) on unconventional fields, with estimated total investments of $ 110 million. The participation in the Kalé segment located in the Middle Magdalena Valley is the first, with a $76.7 million investment.

In Colombia, 3.6 mn employment contracts were lost in September

Although September marked a turning point for the fall in jobs, as the unemployment rate fell to 16.8%, the contracts of dependent and independent workers still see a contraction compared to last year, of 7.9% and 13, 1%, respectively. According to Dane, 3.6 million contracts ceased to exist as of September. There were 8.5 million dependent employment relationships and 2 million independent ones, compared to 9.3 million and 2.4 million for the same period of 2019, respectively. The sectors with the most increase in the suspension of contracts have been accommodation and food services (4.49%), exploitation of mines and quarries (3.61%), artistic activities (3.14%) and transport and storage (2.86%).

IDB approves $400,000 donation for hurricane affected areas in Colombia

The Inter-American Development Bank will support the Colombian government through non-reimbursable resources, humanitarian assistance and emergency response in the islands of San Andrés, Providencia and Santa Catalina, and in the continental Magdalena department, affected by hurricanes Eta and Ioita. The IDB approved $ 400,000 for the purchase of goods such as drinking water, food products and basic necessities. Also to provide support in the provision of relief and transportation of said elements to the affected areas, and any other goods necessary to meet the basic humanitarian needs of the affected communities.

UK Export Finance opens office in Bogotá

The UK export credit agency UK Export Finance (UKEF) has made available up to £ 4 billion to help Colombian and Andean buyers access the financing they need to purchase products and services from the United Kingdom. The entity offers, among others, access to loans with local or international lending banks, with repayment terms of 2 to 10 years, and up to 18 in sectors such as renewable energy.