It has been a tough decade for Colombia’s economically vital oil industry. The late-2014 oil price crash and the COVID-19 pandemic did immeasurable damage to the Andean country’s oil patch. Significant regulatory changes and tax hikes for the oil industry imposed by President Petro after taking office in late 2022 are weighing on operations. This is not only deterring foreign energy investment but also causing Big Oil to bail on Colombia. After plundering oil profits since 2022, President Petro is seeking to place additional taxes on…
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