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Colombia May Be Set to Reverse on New Oil Exploration Ban

OIL

Colombia could be set to change its position on prohibiting new contracts for oil exploration according to director of public credit Jose Roberto Acosta on Thursday.

  • "There is a review of the local and international economic circumstances and depending on the new numbers and this very stressful reality in terms of international liquidity, the debt market, foreign exchange, it will be those numbers which determine the final decision ... for the country of the reopening of new oil wells," Acosta said.
  • The results from the study are expected “soon”.
  • The soaring price of commodities has forced the Colombian government into a U-turn as it seeks to generate much needed revenue and foreign investment in the country.
Energy BulletsCommodities
Energy BulletsCommodities

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