RIO DE JANEIRO, BRAZIL - Investment in Colombia’s oil and gas industry fell 49% to US$2.05 billion last year, the lowest since 2016, with exploration investments sliding as the coronavirus pandemic slashed global fuel demand, the private producers association said.
Spending on exploration projects fell to US$350 million in 2020 from US$780 million in 2019. The total was 62% below estimates made at the start of last year, the Colombian Petroleum Association (ACP) said in a report.
Similarly, production investment dropped to US$1.7 billion last year, down 48% versus 2019 and significantly below the . . .
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