Photo source: Vanguard
The first concessions for the exploration and exploitation of oil in Colombia were signed by the Government in 1905. The first with Roberto de Mares, Exploration business precursor in Colombia, which understood a large area of land south of what is today Barrancabermeja. And the second with General Virgilio Barco Martínez, Located in the Catatumbo (North of Santander). These concessions ended up being assigned to foreign companies, because exploration activities required capital and great knowledge.
The concession of seas became the property of the tropical Oil Company (Change), New Jersey Standard Oil subsidiary, known today as Exxon, And the Barco concession was commissioned to Colombian Petroleum Company, Culp, y la South American Gulf Oil Company, Both subsidiaries of the Gulf Oil Company.
Thus began the true development of the oil industry in our country, in which foreign companies were those that contributed the experience and built much of the infrastructure that our country has today.
Reversion to the Colombian State of the Concession of Mares, he 25 August 1951, It gave rise to the Colombian company of Petróleos Ecopetrol, which undertook activities in the oil chain as an industrial and commercial company of the state, in charge of administering the nation's hydrocarbons resources, and grew to the extent that other concessions were reversed.
Currently the State depends largely on the international price of oil, So much so that the decline in international prices has a direct effect on inflation, since income from international oil sale represents almost the 6% Nation's GDP.
The National Government must take into account that revenues from hydrocarbons exploitation, as well as current reserves, They are limited, generating great concern in the future of the national economy.