Big Oil Bails on Colombia’s Offshore Oil and Gas Provinces ...Middle East

OILPRICE - Economy
Big Oil Bails on Colombia’s Offshore Oil and Gas Provinces
source : OILPRICE ( Middle East ) () 51
Major international oil and gas companies have scaled back or quit operations in Colombia’s offshore exploration and production areas, as the country’s leftist president has imposed stricter rules and exploration drilling failed to live up to expectations.   Since leftist President Gustavo Petro took office in 2022, the barriers to oil industry investors have increased with tighter regulations for conventional oil and gas exploration and a ban on fracking.  Colombia stopped awarding new oil exploration contracts while…

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