Letter from South America: Petro plots course for transition
Colombia’s new president has no interest in arresting decline in the country’s oil and gas production
Politics and pragmatism rarely mix, and it seems Colombia’s new president, Gustavo Petro, will be no exception to that rule. However, politicians are renowned for their ability to dream, and in the long term, that may be just as valuable. The fact of the matter is Colombia is already on a path to reducing its economic dependence on oil. The country has gone a long time with no significant increase in proven resources—essentially since 2012. Crude resources totalled 2bn bl in 2021 and production has been steadily declining since 2013, with the nation producing an average of below 750,000bl/d last year, a 6pc drop year on year, with volumes expected to fall again in 2022. Gas production is al
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