The Colombian Natural Gas Association, Naturgas, raised concerns about the potential for an energy shortage in the country due to a continued decline in proven natural gas reserves.
Ricardo Bonilla, Colombia’s Finance Minister (MinHacienda), discussed the implications of a recent Constitutional Court ruling regarding the deductibility of royalties, which is expected to result in substantial tax refunds to oil, gas and coal companies.
Former ombudsman (Defensor del Pueblo) Carlos Negret says the country is in the same situation it was in 1998. In Cauca, where he hails from, he is probably right. There are other similarities, like a peace process going nowhere it seems, but some differences.
In alignment with the policies of President Gustavo Petro’s administration, fracking projects in Colombia are no longer a focus. However, Ecopetrol (NYSE: EC) is exploring alternative methods to increase its oil and gas production and reserves.
In a significant move to bolster confidence among foreign investors, Colombia’s Minister of Commerce, Industry, and Tourism, Germán Umaña, assured Spanish entrepreneurs, that the country is committed to respecting foreign investments.
The aspiration to elevate Colombia’s oil production to 1,00mbd, as recently reiterated by the Minister of Finance (MinHacienda), Ricardo Bonilla, has been a focal point of government strategy.
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