News and AnalysIs for

We looked at our Line-of-Business charts to understand the NOC’s 2Q26 results and to no one’s surprise, they were uniformly good and mostly due to Brent.

Colombia has lost relevance on Latin America’s oil production map, according to new International Energy Agency (IEA) projections, while Brazil, Argentina, and even Guyana — a country with essentially no oil industry a decade ago — accelerate output.

Arrow Exploration announced results from three new wells at its Icaco field on the Tapir Block in Colombia’s Llanos Basin, where the company holds a 50% beneficial interest, all drilled on time and under budget.

In an El Heraldo opinion column, Aquiles Mercado argues that global energy security has moved to the center of IMF and World Bank discussions, with the Iran conflict standing as the top geopolitical risk to oil markets — a blocked Strait of Hormuz or disrupted production, he writes, could create a shortage larger than the pandemic’s and reignite inflationary pressure.

Venezuela sits on more than 300 billion barrels of proven crude reserves — surpassing Saudi Arabia’s roughly 270 billion — yet produces just 850,000 to 1.1 million bd, less than 1% of global output and far below its 1998 peak of 3.5 million bd, according to Álvaro Martínez de Bourio, BCG’s energy lead for Colombia, Peru, Chile, and Argentina.

Colombia’s natural gas production fell 12.9% year-on-year in May 2026, to 1,129 million cubic feet per day (mmcfd) from 1,296 mmcfd in May 2025, with the decline attributed to Casanare, Sucre, Boyacá, and Córdoba.