Colombia's Oil Industry Stuck in Death Spiral

In a controversial move, Colombia’s leftist President, Gustavo Petro, banned awarding new hydrocarbon exploration contracts. He also sought to ban hydraulic fracturing in the conflict-riven country, which is economically dependent on petroleum extraction. Those government policies, coupled with tax hikes for Colombia’s extractive industries along with a lack of major oil and natural gas discoveries, sparked considerable speculation that the economically crucial hydrocarbon sector is in terminal decline. The last decade has…