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Colombian Oil Exploration Still Under Review

OIL

The Colombian government has still not decided whether it will change its position on prohibiting new contracts for oil exploration, Andres Bitar, acting president of the National Hydrocarbons Agency (ANH), said.

  • "The decision on whether or not to sign new contracts or open a bidding round hasn't been made", Bitar said to Reuters.
  • In October, the government said it was reviewing the situation given local and international economic conditions, citing the valuable income that hydrocarbons bring to Colombia's economy, following a fall in the value of Colombia's peso to historic records.
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