Without New Exploration, in Five Years Crude Production Would Fall 47%
Energy attorney Inés Elvira Vesga was cited in an article published by El Colombiano about the possible consequences of limits on hydrocarbon exploration and production contracts in Colombia. President Gustavo Petro has sought to develop only the current 330 contracts in effect, without creating new agreements. Ms. Vesga commented that the effects of this would be "very severe," including the accelerated devaluation of the peso and loss of energy self-sufficiency.
"This is one of the consequences of the suspension of exploration, which also puts an expiration date on oil activity, which will cause a loss of investment and appetite for developing existing fields," she said.