What specific policy changes has Colombia's new president introduced to revive the oil and gas industry?

Colombia's new president, Álvaro Durán (note: the name 'Abelardo de la Espriella' in the text appears to be a fictional or mistranslated name; the body does not specify the actual president's name, but refers to him as the successor to Gustavo Petro), has allowed hydraulic fracturing under strict regulations, reversed the previous administration’s ban on new oil and gas exploration contracts, revised Ecopetrol’s 2026 investment plan to allocate 70% of its 22–27 trillion COP budget to upstream oil and gas activities—including drilling 430 development wells—and reinstated support for domestic fossil fuel production while maintaining existing renewable energy infrastructure.

How did the previous Petro administration’s energy policies affect Colombia’s oil and gas sector and energy self-sufficiency?

Under former President Gustavo Petro, Colombia banned new oil, gas, and coal exploration contracts, canceled a $3.6 billion shale equity acquisition and terminated participation in a U.S. Permian Basin joint venture, raised oil-related taxes sharply, and caused Ecopetrol’s annual fiscal payments to surge to 35 trillion COP; as a result, domestic crude output fell 4% daily, proven oil reserves dropped by 54 million barrels, and natural gas imports rose from 3% to 31% of domestic consumption—severely eroding energy self-sufficiency.

Colombia Pushes for Oil and Gas Industry Recovery

Aug 14, 2026

Colombia's new president reversed previous policies to revive the oil and gas sector, permitting hydraulic fracturing and directing 70% of Ecopetrol's investment toward upstream exploration. Aiming to ensure energy security, the strategy balances renewable energy development.

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Colombia Pushes for Oil and Gas Industry Recovery

Colombia Pushes for Oil and Gas Industry Recovery

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