Colombia has learnt from the UK’s energy policy.
According to Andres Escobar, Colombian Vice Minister of Finance and Public Credit, the “UK has strong energy regulations”.
Mr Escobar told ELN: “Many developments that have taken place in the regulatory sector in the energy sector have resulted from work from British consultants who have worked as regulators here in the UK”.
He was speaking at the Colombia Inside Out conference in London last week. He explained oil plays a big role in the Colombian economy as “it represents 5% of GDP” and 50% of foreign direct investments “go to oil manufacturers”.
In terms of electricity, Mr Escobar said water is an important source for Colombia as it generates “85% of electricity in the country”.
Aquiles Mercado CFO of Promigas, a private gas producer company, also said he admired the UK’s gas sector regulations.
Mr Mercado told ELN: “At the beginning, 25 years ago Colombia took UK’s energy regulation as a model to follow. It was changed with some improvements to bring it to South America and Colombia.”
Colombia produces 1000 million ft3 a day and 62% of Colombians use natural gas, claimed Mr Mercado who also said that “massive gas consumption in the UK is an example for us to follow without any doubts”.