Colombia is preparing measures to help oil producers including Ecopetrol SA and Pacific Rubiales Energy Corp. (PRE) cope with the crash in global prices as the Andean nation looks to protect its biggest source of revenue. Options include easing investment costs and reducing the amount of oil that goes to the government as a royalty, said Nicolas Mejia, vice president for promotion at Colombia’s hydrocarbons agency. Proposals put forward by several consultancies will be discussed at a Jan. 27 meeting with government ministers. West Texas Intermediate, a U.S. benchmark oil price, fell 46 percent last year. 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. “Companies are calling for more favorable terms,” Mejia said in an interview […]