Colombian President Abelardo de la Espriella announced Friday his administration will prioritize reviving the nation's oil and gas sector, restoring the state-owned energy company Ecopetrol, and bolstering the electricity system, stating that energy security is fundamental.
During his inauguration speech, de la Espriella affirmed Colombia's commitment to an energy transition—a move away from fossil fuels toward renewable sources like wind and solar. However, he emphasized that this transition must not compromise the country's existing oil and gas industry.
"I believe in the energy transition," de la Espriella stated. "But that transition must be built from strength, not from weakness, from self-sufficiency and not from dependence."
These remarks mark a significant divergence from the policies of former President Gustavo Petro. Petro's administration halted new oil and gas exploration contracts, promoted renewable energy, and focused on protecting the Amazon rainforest. Four months prior, Petro's government hosted an international summit advocating for a global shift away from fossil fuels.
De la Espriella's commitments align with his campaign promises to increase oil and gas production and reverse key aspects of Petro's energy strategy. He described energy security as a matter of national sovereignty, arguing that Colombia cannot achieve long-term prosperity without developing its natural resources.
Restoring Ecopetrol, Colombia's primary state-owned oil company and a major contributor to government revenue and export earnings, will be an "absolute priority." De la Espriella accused the previous administration of weakening the company.
The new president also confirmed his government will permit fracking, a technique for extracting oil and gas, under stringent technical and environmental guidelines. His administration plans to expand oil and gas exploration to replenish declining reserves, ensure national energy security, and attract investment back into the sector.
De la Espriella warned that Colombia's energy system is in a "critical situation," citing decreasing oil and gas reserves, project delays, and rising electricity demand. He highlighted the imminent El Niño phenomenon, known for causing droughts that reduce hydroelectric power generation, as a pressing reason for immediate action.
"The El Nino phenomenon won’t wait for us. To overcome it, it is imperative to implement urgent solutions," he said.