Have the worlds oil majors responded favorably to changes in the investment regime?
The response has been very positive. At the start of my administration, in 2002, Colombia had only 10 exploration contracts. This year we have 40. But it’s not enough — 87% of our territory is still unexplored. But with the arrival of these new investments, we are hoping that we will find new oil reserves. This year, we have been able to decrease the rate of decline of production at Ecopetrol [the state-run oil company]. Ecopetrol’s production actually increased a little bit. But we need to find new reserves What other measures have you taken to encourage foreign investment? We have introduced a law that gives the government the right to negotiate directly with companies [regarding] agreements on stable [tax and investment] rules. When I was a presidential candidate, many people came to see me and said, “It is very important that Colombia introduce laws to guarantee the stability of investments.” This is a very important law. Can you give us more specifics on what you’ve done to impro
