Hoping to boost investment in its oil industry, Colombia has removed certain environmental restrictions on seismic surveys and test drilling. The action, contained in a presidential decree issued May 4, eliminates measures requiring oil companies to obtain environmental licenses for seismic work and for each test well they drill. Now companies may drill any number of test wells in exploratory blocks for which they have a license, and carry out seismic testing without having to apply for a license. The steps are intended to stimulate investment by making it less time consuming—and thus, less costly—for oil companies to seek out new reserves. Oil production in Colombia has hovered around 850,000 barrels a day and could slip to 200,000 barrels a day in a... [Log in to read more]