While offshore Brazil , Guyana and to a lesser extent Suriname are gaining the lion’s share of attention when it comes to South American offshore oil, with opportunities opening-up in Colombia. The Andean country’s Caribbean coast is believed to hold considerable oil and natural gas potential. It was with much fanfare that Diego Mesa, Colombia’s Minister of Mines and Energy, announced the reactivation of offshore activity in Colombia at the start of October 2020. This is an important development for a country, which despite being dependent on oil to drive economic growth, has limited proven reserves of just over 2 billion barrels with a disturbingly short production life of 6 years. Falling investment because of weak oil prices, a lack of onshore petroleum discoveries since 2009 and deteriorating domestic security are weighing heavily on plans to boost onshore oil reserves and production. Attempts by the central government in Bogota […]