Colombia has lost 45 years of natural gas self-sufficiency due to current uncertainties and government policies, according to Luz Stella Murgas, the president of Naturgas.
The USO issued an urgent call to Ecopetrol (NYSE: EC) and the Colombian government to take immediate action in reactivating hydrocarbon exploration and production to boost the country’s reserves.
The distribution of wealth generated in Colombia and ensuring it reaches all regions relies heavily on the royalties’ system. This mechanism, managed by the General System of Royalties (SGR), is designed to use revenues from the efficient development of non-renewable natural resources.
After two years under President Gustavo Petro’s administration, the balance in the energy and extractive sector presents a mixed picture.
Recent warnings about a potential shortage of natural gas in 2025 and 2026, which could lead to price increases, stand in stark contrast to the current inflation trends for this energy source.
Felipe Bayón, former president of Ecopetrol (NYSE: EC), raised serious concerns about the financial health of Colombia’s state-owned oil company.
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