Big Oil Abandons Colombia Amid Rising Chaos and Fiscal Crisis ...Middle East

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Big Oil Abandons Colombia Amid Rising Chaos and Fiscal Crisis
source : OILPRICE ( Middle East ) () 74
After a tumultuous few years with protests, tax hikes, soaring violence, and bans on exploration weighing on Colombia's economically vital oil industry, the inevitable has occurred: Big Oil is abandoning the strife-torn country. Colombia’s first-ever leftist President, Gustavo Petro, himself a former guerrilla, on taking office in August 2022, implemented policies that created considerable uncertainty and risk for the economically crucial hydrocarbon sector. This sparked fears that Colombia’s energy patch would be crippled, leading…

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