LatinNews Daily - 21 October 2022

In brief: Colombia’s gov’t reassures over oil contracts

*Colombias mining & energy minister, Irene Vélez has said that the government led by left-wing President Gustavo Petro will respect the 330 already-signed contracts for the exploration and exploitation of hydrocarbons. This is a bid to calm investors’ jitters after confusion over a possible ban on hydrocarbons exploration. Vélez also said that under the current government, which took office in August, oil production has actually gone up, with oil production for 2022 forecast at 273m barrels, a 2% increase on the 268m produced in 2021. She said that currently there are 207 exploration contracts, of which 56% (117) are being carried out. She said that “we want to reactivate the remaining ones…to have those resources and take advantage of them correctly.”

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