Why are Colombian oil companies shifting focus to Venezuela despite having previously hosted Venezuelan oil professionals?

Colombian oil companies are looking to Venezuela because outgoing President Gustavo Petro has effectively barred new oil exploration in Colombia for four years, while Venezuela—after easing sanctions and reopening to investment—is offering renewed opportunities; as the article states, 'Colombia’s biggest drilling contractor, Independence Drilling, is preparing to harness the momentum,' and Venezuelan engineers already on Colombian company staff are 'looking to go home.'

What logistical and operational challenges do Colombian firms face when entering Venezuela’s oil sector?

Operating in Venezuela presents major logistical hurdles, including securing diesel to run trucks and drilling pumps amid chronic fuel shortages, as well as dealing with accident-prone pipelines and refineries due to decades of mismanagement; as José Miguel Saab of Independence Drilling noted, 'Venezuela’s reconstruction will take time, but the first thing that will kickstart it is oil services, because they have to get the crude to the surface to sell it.'

Colombia’s Beleaguered Oil Sector Eyeing Comeback in Venezuela

Jun 9, 2026

Colombian oil companies are shifting focus to Venezuela to bypass domestic exploration restrictions under President Petro, capitalizing on the neighbor's reopening to investment. Firms like Independence Drilling plan to support Venezuela's energy revival despite logistical challenges and political uncertainty.

bloomberg

2026-06-09

Colombia’s Beleaguered Oil Sector Eyeing Comeback in Venezuela

Colombia’s Beleaguered Oil Sector Eyeing Comeback in Venezuela

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