Key facts
- Colombia's oil and gas production is declining, impacting its economy.
- President Abelardo de la Espriella is considering fracking to address declining hydrocarbon output.
- A moratorium on fracking was imposed by Colombia's Council of State in 2018, though pilot projects were later allowed but never completed.
- Proven oil reserves fell nearly 1% to 2.02 billion barrels by the end of 2025.
- Natural gas reserves dropped 17% to 1.717 trillion cubic feet by the end of 2025, leaving about six years of supply.
- Colombia relies increasingly on costly LNG imports, which supply about a quarter of domestic consumption.
Colombia's vital petroleum industry is facing a significant decline in oil and gas production, prompting new President Abelardo de la Espriella to reconsider hydraulic fracturing, or fracking, as a solution. The country has a contentious history with the technique, including a moratorium imposed by the Council of State in 2018. Former President Gustavo Petro had actively sought to ban fracking due to environmental concerns, which led to the suspension of pilot projects by the national oil company Ecopetrol and ExxonMobil.
Despite these efforts, the economic consequences of reduced hydrocarbon output are severe. Oil is Colombia's largest export, generating $7.7 billion in the first half of 2026 and underpinning government finances. Declining revenues have put government coffers under pressure, contributing to fears of a record budget deficit. The country is also facing an energy crisis, with natural gas reserves plummeting and a growing reliance on expensive liquefied natural gas (LNG) imports.
Tehran's strikes on Qatar's LNG facilities in March 2026 and ongoing shipping disruptions have further driven up LNG prices, exacerbating economic challenges. Fracking, while environmentally controversial, offers the potential to replenish dwindling hydrocarbon reserves and restore energy self-sufficiency. Estimates suggest Colombia holds substantial unconventional oil and gas resources, particularly in the La Luna formation, which have remained largely unexploited due to opposition to fracking.