Colombia’s Oil Reserves Seen Falling as Petro Bans New Drilling

An imminent Colombian government tally of the nation’s oil reserves is expected to show a decline, putting pressure on President Gustavo Petro to reconsider his ban on new fossil-fuel contracts.

A National Hydrocarbons Agency report scheduled for release later this month is expected to show the reserves shrank last year from the previous assessment of 7.6 years and 8 years, respectively, of crude and natural gas output, analysts said.

Despite higher international oil prices last year, the best-case scenario is that crude reserves remained flat, according to Daniel Guardiola, an analyst at Banco BTG Pactual.

Gustavo Petro, Colombia’s president, speaks in Washington, DC, in April.

Photographer: Oliver Contreras/Sipa/Bloomberg

While the ...