Bloomberg Law
May 25, 2023, 10:02 PM

Colombia Studies Need for New Oil Exploration as Reserves Drop

Oscar Medina
Oscar Medina
Bloomberg News
Eric Martin
Eric Martin
Bloomberg News

Colombia is studying the need for more exploration contracts after a report showed oil and gas reserves dropping, according to a senior minister.

The government wants to lead a transition away from fossil fuels while limiting any negative impact on the economy, Trade Minister German Umaña said Thursday in a phone interview.

“We’ll certainly take measures to ensure environmental sustainability, but also economic sustainability,” Umaña said, speaking from Washington where he was meeting with US officials to discuss the trend toward growing global protectionism.

Colombian trade minister German Umaña
Photographer: Ferley Ospina/Bloomberg

Gustavo Petro won the presidency last year pledging to phase out oil and ...

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