Colombia Oil and Gas Market Set for Growth, According to GlobalData18 Oct 2012 • by Natalie Aster
Colombia increasingly gains importance in the global oil industry, as the country’s friendly fiscal regime for oil and gas investors complements the growing worldwide demand for fossil fuels.
The new report, "Oil and Gas Exploration and Production (E&P) in Colombia - Market Analysis, Competitive Landscape and Forecasts to 2020" by GlobalData, claims that Colombia is swiftly recovering from its bad reputation, as the government works to make the oil and gas industry safe and financially attractive. Colombia witnessed financial deals worth more than $7.7 billion during 2007-2012, but this figure is only set to grow as proved reserves swell and fossil fuels become more expensive.
Oil and Gas Exploration and Production (E&P) in Colombia - Market Analysis, Competitive Landscape and Forecasts to 2020
Published: October, 2012
Price: US$ 3.995,00
Colombia has emerged as one of the most attractive upstream investment destinations, ranking third based on the number of oil and gas discoveries worldwide during 2007-2012, topped only by Brazil and Australia.
The early 2000s saw Colombia’s oil and gas reserves fall significantly, as exploration activities were abandoned due to guerilla attacks. This led foreign direct investment in Colombia’s petroleum sector to drop to a meager $278m in 2003 from $521m in 2001, with the country’s self-sufficiency status in terms of oil production and export becoming seriously threatened.
The government of Colombia therefore initiated a restructuring of the country’s hydrocarbon sector, mainly focusing on sector organization, public governance, and fiscal and regulatory regimes. These measures led to a recovery in investments, discoveries and production.
More information can be found in the report “Oil and Gas Exploration and Production (E&P) in Colombia - Market Analysis, Competitive Landscape and Forecasts to 2020” by GlobalData.
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