It was roughly a decade ago when hydraulic fracturing, known as fracking, was identified as a crucial means for boosting Colombia’s meager hydrocarbon reserves and production. A shortage of proved crude oil and natural gas reserves along with declining production is threatening Colombia’s economy. Despite only possessing two billion barrels of proved oil reserves with a short six-year production life, Colombia is highly reliant upon petroleum production to drive the economy. During 2020, at the height of the pandemic and oil price crash, petroleum accounted for 28% of exports by income, 3% of gross domestic product, and 17% of fiscal revenue. A dearth of significant conventional oil discoveries since the late 1990s means Colombia must find alternate means of boosting crude oil and natural gas reserves if its hydrocarbon-dependent economy is to grow. In fact, a lack of significant discoveries combined with weak natural gas production due to rising […]