Colombia’s newly elected president targets oil and gas and expansion

Right-wing candidate Abelardo de la Espriella has won Colombia’s run-off presidential election. His victory is expected to represent a major break from the incumbent president’s energy policy, as he has pledged to revive the hydrocarbons sector through new exploration and production contracts and to advance the commercial development of projects based on hydraulic fracturing.

Upon taking office, De la Espriella has vowed to immediately reactivate Colombia’s oil and natural gas industries, including state-owned oil company Ecopetrol. He has also committed to ensuring a stable regulatory framework, lowering taxes on the coal sector, and promoting initiatives focused on the exploration of rare earths. In addition, he has announced plans to launch a new firm electricity supply auction open to all technologies, with the aim of expanding generation capacity.

According to our data, Colombia’s oil production peaked at 54 Mt in 2015, before declining by 27% up to 2021. In 2024, production stood at 44 Mt, which is 18% below its 2015 peak. Natural gas output has been decreasing by around 3%/year since 2012, from 14 bcm to 10 bcm in 2024. Since 2022, domestic production has no longer met demand, leading to a rapid increase in LNG imports (2.2 bcm in 2024).

Colombia holds significant energy resources. Proven oil reserves amount to 282 Mt, while gas reserves reach 67 bcm (end of 2024). The country also has substantial coal reserves of 4.6 Gt, and its economically viable hydroelectric potential is estimated at 140 TWh/year (Enerdata Global Energy Research).