Mine and Energy Minister María Fernanda Suarez said US$5 billion of foreign investment for oil and gas is expected to arrive in the country by 2020.
Of these $5 billion, $4 billion would be used in production, an increase of 18 compared to 2019. The remaining $1 billion would be used in exploration.
According to figures from the Bank of the Republic, in 2019 Foreign investment banking in oil, hydrocarbons and mining increased by 4.9 to rise from US$6,536.2 million in 2018 to US$6,857.8 million in 2019.
The minister also said that there is a regulatory agenda planned for 2020 that is very relevant to the sector. Such as: wholesale marketing of transport and supply capacity. As well as the role of the new market manager.
It indicated that the law of concurrence and concurrence would be presented; the law of lawful extraction of minerals; the law to strengthen the Superintendency of Services and the green growth law, in conjunction with the Ministry of Finance.
In terms of mining, one of the 17 sustainable development goals of 2020 is to have 10,000 workers with legality requirements and 200 mining titles with technical assistance.