Regulation & Environment: Colombia Tries to Turn Its Oil Business Around
As recently as a few years ago, Colombia was touted as one of the most successful countries in attracting foreign capital and then in turn boosting its output with that new funding. But after some time that fortune may have turned, and the country is now trying to turn its oil business around.
Partner Jose Vicente Zapata said Colombia’s advantage over other countries seeking investment, such as Argentina and Mexico, is that in March it put in place the most comprehensive set of regulations governing fracking of any Latin American country.
“A joint effort by three ministries took two years to study the best practices in places like Texas and Alberta and last March came up with regulations,” Mr. Zapata said. “The homework has been done.”