Colombia’s economically crucial energy patch is facing a grave crisis due to its shortage of proven oil and natural gas reserves coupled with leftist President Gustavo Petro’s plan to end awarding new exploration contracts
A contentious move by Colombia’s first leftist President Gustavo Petro to end hydrocarbon exploration in the strife-torn Latin American country has exposed one of the domestic oil industry’s long hidden secrets of a crumbling social license.
In a hotly debated move, the Petro administration hiked taxes for Colombia’s oil industry.