Key facts
- President-elect Abelardo de la Espriella aims to reverse Colombia's oil and gas decline.
- His administration will promote investment and exploration in the hydrocarbon sector.
- Fracking pilot programs will be explored under strict regulatory conditions.
- Colombia's oil output has fallen below 750,000 barrels per day, down from over 900,000 a decade ago.
- Natural gas production is near a multi-decade low, forcing increased LNG imports.
Following a narrow victory in a contentious presidential election, Abelardo de la Espriella is set to lead Colombia with a platform focused on economic revival, particularly through the resuscitation of the nation's struggling oil and gas sector. The country has experienced a significant decline in hydrocarbon production over the last decade, leading to increased reliance on costly liquefied natural gas (LNG) imports, which has fueled inflation and strained the balance of payments.
De la Espriella's administration plans to reverse this trend by promoting investment in exploration and production activities, which were largely halted under the previous left-wing government. A key, albeit controversial, aspect of his strategy involves exploring unconventional oil extraction techniques like hydraulic fracturing (fracking) through strictly regulated pilot programs. These pilots will be restricted to geologically stable areas, with stringent environmental and community consent requirements.
Colombia is believed to possess substantial unconventional oil and gas reserves, estimated by the National Hydrocarbons Agency (ANH) to be around 3 billion barrels of recoverable shale oil and 34 trillion cubic feet of shale gas. Successfully tapping into these resources could significantly boost the country's proven reserves and mitigate economic risks associated with energy supply gaps. The president-elect also intends to defend Ecopetrol, the state-controlled oil company, as a vital national asset.