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Colombia’s New Ambitions Include Caribbean and Shale Development, But Are They Achievable? Colombia is walking a thin line between becoming another fading petroleum province and Latin America’s next big success story. Its aces in the hole: unleashing its nascent offshore and unconventional sectors. Researchers from the Federal Reserve Bank of Dallas quantified the economic impact of the US shale revolution for the first half of this decade. Times are still financially tough for many shale operators: Sanchez Energy and Halcón Resources become the latest to file for Chapter 11 protection.