Colombian President Abelardo de la Espriella has committed to reviving the nation’s oil and gas industry. During his inauguration, he emphasized the importance of energy security for his administration. He aims to restore the state-owned energy company, Ecopetrol, and strengthen the country’s electricity system.
De la Espriella declared his support for an energy transition, moving towards cleaner energy sources such as wind and solar power. However, he stressed that this should not undermine the oil and gas sector. “I believe in the energy transition,” he stated. “But that transition must be built from strength, not from weakness, from self-sufficiency and not from dependence.”
His remarks signify a departure from previous President Gustavo Petro’s policies. Petro had halted new oil and gas exploration contracts while advocating for renewable energy and protecting the Amazon. Recently, Petro’s administration hosted an international summit to garner support for moving away from fossil fuels.
Throughout de la Espriella’s presidential campaign, he promised to expand oil and gas production, countering key policies of his predecessor. He referred to energy security as “a matter of national sovereignty,” arguing that natural resources must be developed for long-term prosperity.
Restoring Ecopetrol, Colombia’s major state-owned oil company, is a primary focus. It serves as a crucial source of government revenue and export earnings. De la Espriella accused the previous government of weakening the company and emphasized its revitalization as “a definitive and absolute priority.”
The new president also confirmed plans to authorize fracking. This method involves injecting water, sand, and chemicals underground to extract oil and gas. He assured the process would follow “the strictest technical and environmental standards.” Additionally, he intends to increase oil and gas exploration to rebuild reserves, secure energy, and attract investment.
He warned of a “critical situation” in Colombia’s energy system, noting dwindling oil and gas reserves and delayed energy projects. Rising electricity demand adds to these challenges. The approaching El Nino weather pattern, known for causing prolonged droughts that impact hydroelectric power, adds urgency.
“The El Nino phenomenon won’t wait for us. To overcome it, it is imperative to implement urgent solutions,” de la Espriella urged.