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
Also in this section
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
