The hydrocarbons sector has seen a complicated panorama in Colombia in recent years, after the current government’s decision not to sign new exploration and exploitation contracts of gas and oil. For many experts, the decision would go against the energy sovereignty that the country has preserved for decades.
In addition to this, it has generated uncertainty among investors and braking new investments. In addition, insecurity in key areas, the deterioration of infrastructure (such as frequent attacks on pipelines), and slow bureaucratic procedures further complicate the panorama.
The lack of stability in international crude prices and institutional weakness to respond with agility to the challenges of the sector have generated an unattractive environment for investment.
A worrying news was revealed on April 24, because, according to time, the American oil company Shell would be selling its participation in Colombia, more specifically in several of the oil contracts he has.
In addition, the company will cease to be an Ecopetrol partner and will also sell one of the projects, which is one of the most important natural gas discoveries in the country.
Among the contracts that the company is selling is 50% of the participation in the Fuerte Sur, Purple Angel and Col-5 blocks.
It is key to take into account that in addition to exploration and exploitation businesses, the company is also dedicated to the sale of Biomax fuels and also the sale of lubricants and additives for vehicles.
In accordance with the provisions of the media, the company made the decision because in the mentioned blocks, the gas of the expected magnitude was not found.
It is important to keep in mind that the company’s first exploration finding occurred in July 2015, a little less than 10 years ago.
