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Columbia To Review Existing Oil/Gas Contracts

OIL

Columbia will review existing oil and gas contracts before pledging to halt new oil and gas exploration contracts, the government said.

  • The government will first analyse the 180 existing contracts before deciding to fulfil the pledge on a ban on new projects, the country’s finance minister Jose Antonio Ocampo said in an interview.
  • Any energy transition that reduced exports “would have to be gradual” and prioritise gas self-sufficiency, Ocampo added.
  • Colombia heavily relies on export revenues for oil and gas, accounting for almost 50% of the country’s export revenues.
Energy BulletsCommodities
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