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Nearly half of Colombian oil firms going broke

Friday, April 17, 2015

Forty-three percent of companies in Colombia's oil sector are at high risk of going bankrupt as the industry reels from the recent halving of oil prices, according to a survey presented to the country's congress this week.

The survey by the Colombian companies' regulator polled 53 companies with total assets of about $10 billion but it did not include state-run oil producer Ecopetrol or two Toronto-listed companies, Pacific Rubiales Energy and Canacol Energy.

Source: Reuters