Colombia’s new president pledges to lift oil and gas exploration license ban

President Abelardo de la Espriella pledged to revoke a ban on new exploration licenses for oil and gas projects implemented under his predecessor.

The gates to Colombia’s fossil fuel industry may be reopening, but security and fiscal issues remain.

President Abelardo de la Espriella pledged to revoke a ban on new exploration licenses for oil and gas projects implemented under his predecessor Gustavo Petro, who had sought to make Colombia a positive model for the green energy transition.

The reality of the country’s energy mix and the economic importance of fossil fuels made these ambitions difficult to realize, however: In 2024, over 75% of Colombia’s energy demand was met by fossil fuels.

Will lifting the ban attract oil and gas majors back to Colombia? “It’s not an on and off button,” political risk analyst Sergio Guzmán told Semafor.

As De la Espriella rolls out reforms, investors will want to see “long-term fiscal certainty.” “Security is a huge concern,” Guzmán says.

Petro’s administration had negotiated an armistice with many armed groups, reducing levels of conflict.

The new president has vowed a crackdown, which Guzmán warns could lead to retaliations that target critical infrastructure.