Colombian Oil Companies Eye Venezuela Investments as Petro’s 4-Year Exploration Ban Bites
Updated
Updated · Bloomberg · Jun 9
Colombian Oil Companies Eye Venezuela Investments as Petro’s 4-Year Exploration Ban Bites
2 articles · Updated · Bloomberg · Jun 9
Summary
Colombian oil companies are scouting Venezuela for new investment opportunities this year, marking a cross-border reversal after years of looking inward.
Petro’s nearly four-year clampdown on new oil exploration in Colombia has choked off domestic prospects, pushing the sector to seek growth abroad.
Venezuela’s reopening to investment as sanctions ease is creating the opening, with its oil industry again attracting foreign interest after years of isolation.
The shift flips a 20-year-old pattern in which Venezuelan engineers and executives moved to Colombia to escape asset seizures, political purges and the decline of PDVSA.