Colombia Taps New Head of Oil and Natural Gas Agency as Reserves Drop.

Colombia has appointed Orlando Velandia as the new head of its National Hydrocarbons Agency (ANH) as President Gustavo Petro aims to transition the country away from fossil fuels. Velandia, a geologist engineer, previously held the position from 2016 to 2018. Colombia's proven reserves of oil and natural gas are estimated to last for only about seven more years. While Petro's administration is not issuing new licenses for exploration, the ANH is offering extensions of up to three years for existing contracts. Velandia's appointment is seen as positive by investors due to his technical knowledge and experience. However, it is not expected to result in any changes to Petro's energy policy, which focuses on adding reserves through current contracts and enhanced oil recovery rather than new exploration and production contracts. [Extracted from the article]