In a controversial move, Colombia’s leftist President, Gustavo Petro, banned awarding new hydrocarbon exploration contracts. He also sought to ban hydraulic fracturing in the conflict-riven country, which is economically dependent on petroleum extraction. Those government policies, coupled with tax hikes for Colombia’s extractive industries along with a lack of major oil and natural gas discoveries, sparked considerable speculation that the economically crucial hydrocarbon sector is in terminal decline.
The last decade has…Colombia's Oil Industry Stuck in Death Spiral
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