GOVERNMENT REFORMS POINT TO BRIGHTER FUTURE FOR COLOMBIAN OIL SECTOR STILL BESET BY DOMESTIC SECURITY FEARS
July 1st, 2017
COLOMBIA’S oil and gas sector is stabilising after a crisis provoked by the plunge in global oil prices, but efforts to recover growth are being hampered by guerrilla attacks, corruption scandals and a popular backlash against the industry.
The crash in oil prices that began in 2014 has left the oil industry in Colombia in a precarious position, with only an estimated five years of commercially reliable reserves remaining, according to government calculations.
In 2016, investment in exploration and production fell to USD2.3 billion, a 60% drop from 2015, ...
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