Colombia’s economically crucial energy patch is facing a grave crisis due to its shortage of proven oil and natural gas reserves coupled with leftist President Gustavo Petro’s plan to end awarding new exploration contracts. The Andean country’s hydrocarbon sector was hit particularly hard by the 2020 COVID-19 pandemic and has yet to recover. March 2023 oil production of 771,732 barrels a day was significantly less than the 884,876 barrels per day pumped for the same month four years earlier. Latest developments indicate Colombia’s…
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