According to HFI Research, we have written extensively since the beginning of 2026 about the “golden opportunities” we see in Colombia and Venezuela. At the beginning of the year, the arrest of former Venezuelan President Maduro surprised the market. Now, President Trump has announced that the US has reached an agreement with Venezuela on certain oil production blocks. Details have not yet been released, but recent press releases suggest that some major players are about to reclaim substantial production blocks (Chevron is clearly the first candidate).
In Colombia, the president, who took office on August 7, has wasted no time and quickly set about restructuring the national oil company (Ecopetrol). The Colombian Ministry of Finance has convened an extraordinary general meeting of shareholders on September 15. Following the expected amendments to the company's articles of association, the Colombian president will be able to nominate six new board members, thus gaining full control of the board. As the Colombian Ministry of Finance stated in a post: “The national government will submit a shortlist of nine candidates for the Ecopetrol board, with a clear mission: to increase production, regain trust, and advance the energy transition.” To achieve this mission, Ecopetrol will need external capital to increase production in older oil fields, unlock new reserves, and improve efficiency. This cannot be achieved on its own, so it is effectively an invitation for independent producers to join. From a geopolitical perspective, Colombia and Venezuela remain two of the most undervalued regions in the energy sector (and still are).
