Colombia hopes for a revival
Duque’s victory in June’s elections is likely to open the way for new upstream investment opportunities
Colombia is holding its first auction round since the downturn started in late 2014, in an attempt to reverse the nation's sliding oil fortunes. It opened in October 2017, and an April 2018 deadline has been extended until the second half of this year. Colombia needs some good news. The price rout was brutal on the country, which saw investment and production wither. Oil output hit a highwater mark of 1.03m barrels a day in January 2015, achieving the country's long-held goal of joining the 1m-b/d-producer club. Its residency didn't last long though. Production started declining sharply in 2016 before settling at around 850,000 b/d in recent months, 15% off its highs. The downturn also derai
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