Colombia’s new president signals energy policy shift, backs oil and gas

Colombia's newly inaugurated President Abelardo de la Espriella has announced a shift in the nation's energy policy, emphasizing the revival of the country's oil and gas sector. In his inauguration speech on Friday, de la Espriella pledged to restore the state-owned energy company Ecopetrol and strengthen the electricity system, stating that energy security would be a key pillar of his administration.

The president acknowledged the importance of an energy transition, which involves shifting away from oil, gas, and coal towards cleaner energy sources like wind and solar power. However, de la Espriella insisted that this transition must not come at the expense of Colombia's oil and gas industry. He argued that the transition should be built on strength, self-sufficiency, and not dependence.

De la Espriella's remarks signal a significant departure from the energy policy under his predecessor, former President Gustavo Petro. Petro had stopped awarding new oil and gas exploration contracts and prioritized renewable energy, making the protection of the Amazon a key focus of his environmental agenda. In fact, Petro hosted an international summit in Santa Marta just four months ago to garner global support for a transition away from fossil fuels.

De la Espriella's policies echo the promises he made during his presidential campaign, where he repeatedly pledged to expand oil and gas production and overturn key aspects of Petro's energy strategy. He emphasized that energy security is a matter of national sovereignty and that relying on undeveloped natural resources would hinder Colombia's long-term prosperity.

He vowed that rebuilding Ecopetrol, Colombia's leading state-owned oil company and a major contributor to the country's revenue and exports, would be his administration's top priority.