2023-10-31 06:58:00
The United States Government announced the temporary lifting of some of the trade sanctions that weigh on Venezuela. This determination will be in effect for six months and gives the green light to transactions related to the oil and gas sector.
As announced by the Treasury Department, the decision seeks to establish electoral guarantees with a view to the 2024 presidential elections. Therefore, this might be reconsidered if the commitments on electoral matters and other agreements regarding people who have been unjustly detained.
These licenses granted to the neighboring country in energy matters present a better outlook for the development of its oil industry, a scenario that might have an impact on Colombia.
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As explained by the executive president of Campetrol, Nelson Castañeda, during the opening of the VI Oil, Gas and Energy Summit, this relief in sanctions opens the door to the possibility for many Colombian companies to export services and professionals to Venezuela in the future. .
The above would allow for greater commercial exchange between both countries.
However, Castañeda highlighted that this might also lead to the fact that, when Colombia wants to reactivate well drilling, “these equipment is not in the country and we cannot have the agility to be able to implement the projects that the country needs so much.”
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The figures from the business chamber show that from 2019 to 2023, while Guyana (75%), Mexico (48%) and Brazil (46%) increased drilling activity, Colombia, Ecuador and Argentina reduced this exercise by less than 10%. .
On the other hand, according to Carlos Patiño, professor at the National University, another local impact that this decision has lies in the State’s capacity to make decisions on matters of oil production or coal export. In addition, it might represent greater economic openness.
However, he also pointed out that we would have to wait to see how the talks with the opposition progress, since this announcement does not imply immediate action. This considering that the licenses granted are conditional on evidence of transparent electoral participation.
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