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foreign investment

$5 billion foreign investment in oil and gas

Oil and gas exploration and production projects attract foreign investment by 2020

The Minister of Mines and Energy, Marƭa Fernanda SuƔrez, commented that during 2020, US$5 billion of foreign investment for oil and gas is expected to arrive in the country. Of this US$5 billion, US$4 billion would be used in production, which represents an 18% increasecompared to 2019. The remaining US$1 billion would be used in exploration.The Minister of Mines and Energy, Marƭa Fernanda SuƔrez, commented that during 2020, US$5 billion of foreign investment for oil and gas is expected to arrive in the country. Of this US$5 billion, US$4 billion would be used in production, representing an 18% increase compared to 2019. The remaining US$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.

>> read also, Opportunity to invest in natural gas sector in Colombia

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. That it should manage the cost of natural gas and thus support the activation of the economy.

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 mining, one of the 17 sustainable development objectives for 2020 is to have 10,000 workers with legal requirements and 200 mining titles with technical assistance.

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