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Weekly Report - 15 March 2012 (WR-12-11)

COLOMBIA: Swimming against the tide

They say one person’s trash may be another’s treasure, but in the case of Colombian hydrocarbons investment the government’s heaven may be the companies’ hell. Colombia’s improvements in security over recent years have opened the door for increased investment in the hydrocarbons sector, with the goal of breaking the output target of 1m barrels per day (bpd) becoming the government’s new mantra. According to the Banco de la República, between 2003 and 2011 foreign direct investment in the sector went from US$278m to US$4.3bn. However, the industry that has become President Juan Manuel Santos’s pet project could soon become his latest headache as guerrilla groups increase their attacks on its infrastructure and force companies to reduce output as employee-safety is on the line.

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