37% of oil companies will reduce their operations in the next 5 years

The most recent edition of Oil Barometer, made by Jaime Arteaga & Associates, revealed that the projection of oil companies regarding the evolution of their operations worsened considerably.

(See: This is the country that took 10 years to notice that its oil was stolen).

The analysis showed that 37% of oil companies in the country considered that in the next 5 years its operations would be reduced. This represents an increase of 16 percentage points compared to the figure for 2021, when 21% of companies contemplated a decrease.

Consequently, the total number of companies whose operation is going to grow fell, going from 43% to 34%, with which there is a relevant reduction.

With respect to keeping their operations the same, there was also a decrease, since the figure went from 36% to 29%, according to the Oil Barometer.

(See: Ecopetrol and its new board: challenges and tasks they must face).

The report shows that the main reasons for this decrease respond to the change of government, Well, 24% of the companies highlighted this as their main reason.

In second place (with 20%), the oil companies highlighted lack of government support as the reason for the reduction of its operations.

(See: ‘Oil, coal and gas exploitation contracts continue’).

And third came the rejection of the communities to the industry, since 16% of the consulted companies expressed it.

(See: FDI to oil and mining, 72% of what arrives in the country).

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