1.There is significant unexplored potential. Ecopetrol, Colombia’s state run oil company estimates the country’s reserves potential to be around 47 trillion barrels of oil underground. The greater part of Colombian territory is currently unexplored.
2.There is proven economic stability: Colombia offers investors a stable business environment and a solid legal system. A token example may be the identical treatment for national as well as for foreign investors; unrestricted flow of foreign capital, without any prior authorization. Also, Colombia has never defaulted on its foreign obligations and it has a stable growth track record; low inflation and an orthodox macroeconomic management.
3. It has excellent geographic location: it has Atlantic and Pacific Ocean coastlines; Colombia has easy access to the Gulf of México, to the North American west coast and to Asian and Central American markets.
4. There is investment freedom: Colombia promotes and facilitates private investment in the oil & gas industry, either by bidding processes or by direct negotiation.
5. It has ample transport infrastructure: Colombia offers an extensive transport network for Oil & Gas as well as for its refined products. This infrastructure is currently under expansion and it is being upgraded throughout the entire nation. Gas transport infrastructure to Venezuela was recently expanded and there are plans underway to extend that pipeline to Panamá.
6. There are attractive investment conditions: The new contract model for Royalties/ Taxes is one of the most attractive in a globalized and competitive world. It provides increasing flexibility and profitable conditions for oil & gas industry investments.
7. There is a skilled technical and professional local work force: After more than one century of activity in the oil & gas industry, Colombia has developed a highly qualified technical and professional local work force.