Energy and Natural Resources Senior Counsel Inés Elvira Vesga was interviewed for an article published in the newspaper Portafolio
in which she explains why the majority of oil and gas reserves are the result of work by private oil companies. Ms. Vesga states that this process began in 2003.
"In 2003 the oil company became just another operator, keeping only the association contracts in force to date and the areas that the companies holding these contracts returned," she said. "From that moment on it began to behave like a competitor and to choose its partners and investments with that criterion."
READ: 70% of Oil Exploration in the Hands of Private Companies