Russia’s Energy Giants to Tap Into Colombian Fields

Moscow’s interest in Colombia has been renewed, said analysts, by Bogota`s commitment in recent years to cracking down on both leftist rebels and right-wing paramilitaries, both of which were blamed for the decline of the country’s oil sector during the 1990s.

That, and record high prices per barrel, are prompting energy giants worldwide to reconsider the Colombia option.

Compared to the world’s most productive oil nations, Colombia`s output is small, producing some 526,000 barrels per day. Ecopetrol is responsible for about 60 percent of that production. But what also makes Colombia enticing these days is Bogota’s decision to do away with the prohibitively high taxes on foreign firms that during the last decade were set at 50 percent.

MosNews