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Security Risks

In Colombia's Oil and Gas Industry

DEC, 2012 By: James Knight A senior US official said recently in a closed session of industry professionals and analysts that Colombia’s oil and gasRisk industry was seeing a “golden moment.” While reserves of 2.23 billion boe are tiny in comparison with neighboring Venezuela’s almost 300 billion boe (18% of global totals), growth in production between 2006-2011 has been exceeded globally by Azerbaijan. Production of 3 million bpd is thought feasible in the next 5 years. The oil and gas sector in Colombia is the largest sector in a diverse economy, accounting for 5.5% of Colombia’s GDP. Petroleum goods and services make up 2%. In 2012 the industry delivered revenues of US$31 billion, with 9 billion going to the government. A regulatory overhaul in 2012 changed the structure of levies and taxes on the sector, and enabled....

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