Bogota-While Colombia's attractiveness as an E&P investment destination was a major theme of the annual Oil Council's Latin American Assembly last week in Bogota, the downsides of security risks, anemic reserve replacement, transportation bottlenecks and the lengthy delays in environmental permit approvals con- tinue to throw up hurdles for investors. However, Colombia's relative openness, compared with other producing hotspots, meant that investors are still keen. The coun- try's oil and gas industry is on track to receive $6 billion in direct foreign investment in 2012, which would be more than the $5.1 billion invested in 2011 and 10 times the $448 mil- lion in investment flows in 2002, according to the National Hydrocarbons Agency.
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