Colombia is becoming one of Latin America’s most attractive destinations for international exporters and investors. With the fourth largest economy in Latin America, Colombia has seen significant security improvements and steady economic growth in recent years. Our free trade agreement with Colombia means qualifying products enter the market duty free.
Colombia will see an estimated $2 billion in energy investments in 2020 according to the Global Infrastructure Outlook. A favorable business climate and regulatory improvements, such as the recent passage of a new infrastructure law that updates the rules for public contracting and public-private partnerships, are helping to boost the attractiveness of the market.
Learn about upcoming business opportunities in the sector, understand the latest developments in the regulatory environment, and learn about tools and resources to support your company’s market entry to Colombia directly from the experts!
• Energy transition is one of the Colombian government’s priorities and it plans to boost clean energy from gas as well as unconventional renewable energy sources.
• The renewable energy revolution is a reality in Colombia. Through two auctions held in 2019, the country exceeded the goal of moving from less than 50 megawatts in 2018 to at least 2,500 megawatts by 2022. This means that the share of non-conventional renewable energy in the generation matrix will go from less than 1 percent to 12 percent.
• Natural Gas is set to become the most important fuel in the transition towards renewables in the following years. Colombia is actively making efforts in the fight against climate change.
• The Permanent Area Assignment Program (from the National Hydrocarbons Agency-ANH) adjudicated 26 blocks (onshore) and signed five blocks for offshore contracts in 2019. After five years without signing oil and gas exploration and production contracts, this initiative confirms the reactivation of the sector for the benefit of the country.
• Opportunities exist for SMEs to participate in E&P of oil and gas projects through League B (initiative to assign minor wells that are inactive to increase the country’s O&G production) . The program will be led by the National Hydrocarbons Agency (ANH).
• Colombia moved into Hydraulic Fracturing Pilots Projects. The objective of the pilot project is to evaluate the feasibility of hydraulic fracturing in the country.
• Colombia is part of the America Crece Initiative, which means the whole of the U.S. government is there to support U.S. companies pursuing opportunities in the market.
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