Colombian E&Ps face bleak upstream outlook
Political backbiting and slumping drilling activity point to further declines ahead of next year’s election
This year is already looking likely to be another tough one for Colombia’s hydrocarbons sector. Political turmoil, a government hostile to upstream growth and threats to sell off a chunk of NOC Ecopetrol’s most profitable fracking business highlight the chaotic operating environment firms are having to navigate. Gas production, in particular, suffered last year as the government refused to award any new E&P contracts. Total volumes fell by almost 8% on an annual basis as Colombian President Gustavo Petro maintained his anti-hydrocarbons stance. By December, crude was down by 4% year-on-year and gas by 9.7%. In early February, Petro also caused Ecopetrol’s share price to tank after promis

Also in this section
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector