Colombian President Gustavo Petro has created uncertainty for investors
Andean upstream feels the heat
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
The upstream outlook for the Andean region hardly looks encouraging. Production declines have already reached double-digit territory in several countries, and the economic gloom is likely to persist through much of the rest of the year. In Colombia, losses are as much ideological as they are operational. The region’s largest hydrocarbons producer has seen drilling activity plummet in recent years, with the government turning against the country’s largest taxpayer. In February, gas output fell by almost 20% year-on-year, while recent blockades reported by state oil and gas firm Ecopetrol have hardly helped the situation. In early April, company President Ricardo Roa warned that social protest
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