The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry. Investment in the oil and gas sector fell by nearly 50% in 2020. Colombia desperately needs to ramp up oil and gas production. After a harsh 2020 where a combination of sharply weaker oil prices and the COVID-19 pandemic caused investment and production to plummet, questions are emerging as to the viability of Colombia’s hydrocarbon sector. Petroleum once seen as a powerful driver of the strife-torn Latin American country’s economic miracle is fast emerging as a threat to Colombia’s economic recovery from the COVID-19 pandemic. Crude oil is Colombia’s primary legal export (Spanish) having generated $9 billion for the first 9 months of 2021 or 32% of the Andean country’s total exports by value. It is then coal and coffee, which at 12% and 7% respectively, that round out Colombia’s top 3 exports […]