Colombia Agency Says Study to Check Oil Industry CompetitivenessAndrew Willis
The Colombian government will decide on the potential need for measures to aid oil companies, based on the conclusions of an independent study, according to the Andean nation´s hydrocarbons agency.
The study will be commissioned from one of several consultancies on a list, and may possibly lead to changes in “the current conditions for hydrocarbon exploration and production,´´ the agency said in an e-mailed statement Jan. 16.
Colombian officials will review proposals made by the consultancies at a Jan. 27 meeting, the agency said.
Oil accounts for about half of Colombia’s exports and is a key revenue generator for the government. The nation’s oil production averaged 988,100 barrels a day in 2014, the first drop in output since 2005 amid community protests and pipeline attacks.
In addition, crude prices have collapsed as the Organization of Petroleum Exporting Countries resisted calls to cut output amid a U.S. shale boom that has boosted global supplies.