Colombia´s Petroleum Association (ACP) informed that the referendums being carried out for this sector are stopping, and even setting back, its development. There’s great concern amongst the multinational corporations in this area about the lack of clear procedures to explore and exploit petroleum resources.
ACP’s President, Francisco José Lloreda expressed that it is expected for Colombia’s petroleum reserves to last for 4 or 5 more years from now. When these reserves become exhausted, the importation of this commercial good will be required.
Lloreda also shared his concern about the deterioration of this sector, as it has been of crucial importance for Colombia’s economic development for the last hundred years and could adversely affect the country.
Some corporations in this sector are planning to make great investments, but due to legal uncertainty, will be cautious when deciding whether to carry out or not these projects.