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With oil prices continuing to fall and growing competition from Mexico for investment dollars, the National Hydrocarbons Agency (ANH) says it will commission an economic study as part of a profound analysis of the sector and how to best promote Colombia as a destination for E&P projects.

Led by the Minister of Mines and Energy Tomás González and the Minister of Environment Gabriel Vallejo, the government defended potential fracking projects in Colombia against critics in Colombia’s lower house.

With the proposed tax reform inching closer to final approval in the congress, the Colombian Petroleum Association (ACP) has expressed its concern that the changes will drive away investment dollars and interest in Colombia for hydrocarbons investment.

The fracking debate had been quiet for nearly 2 months with articles dwindling down to nearly zero. Now things seem to be heating up again, ahead of a National Hydrocarbons Agency forum next week.

Colombia remains an attractive investment destination for international hydrocarbons firms says the Ministry of Mines and Energy (MinMinas) Tomás González, who also touched on the role of oil in government finances and the balance of reserves to production.

Supporters of prior consultation processes held a debate in Colombia’s senate, questioning why ministers and the President Juan Manuel Santos himself have “demonized” the process as being solely a way for communities to take advantage of projects taking place near their borders.

The Chamber of Representatives took a look at the issue of fracking as part of the debate over the 2015-2016 royalty budget, calling on representatives from industry associations and private companies.

The president of the Colombian Petroleum Association (ACP) Francisco Lloreda Mera touched upon the falling price of oil, tax reforms and the outlook going forward, reinforcing the strategic position of the industry for government income.

The government’s formula to fix gasoline prices aims for stability despite changes in the international price of oil, for better or worse. But some are questioning who is benefiting when oil prices have dropped over 20% in the last six months, but fuel prices less than 2%.