Why are Colombian energy companies leaving the country?

The exits are "more because of the diversification of their portfolios than distrust in the country," the head of Colombia's energy regulator, Orlando Velandia, told Reuters.

What will happen if Colombia imports crude oil?

An eventual permanent need for crude imports to feed Colombia's refineries, which would lead to an energy trade deficit of billions of dollars per year, is one of the major expected consequences in coming years, Pearl added.

What companies have exited in Colombia?

Other companies that have exited onshore and offshore ventures in Colombia in recent years include U.S. Exxon Mobil (XOM.N) and ConocoPhillips (COP.N), and Spain's Repsol (REP.MC). Experts and company sources said the exits and drawdowns are due to a combination of poor exploration results and adverse policies.

How much oil does Colombia produce a day?

Oil output across Colombia fell 4.8% year-on-year to 749,800 barrels per day in May, far from the 1 million bpd produced a decade ago, while gas output declined 18.9% in a year to 800 million cubic feet per day, according to government data.