Colombia's new president wants to revive oil and gas sector

Colombia's new president, Abelardo de la Espriella, is considering reviving the country's oil and gas sector, which had been restricted under his predecessor Gustavo Petro. However, security and fiscal concerns continue to loom over the potential return of oil and gas companies. Petro had aimed to position Colombia as a leader in renewable energy.

In 2024, fossil fuels still accounted for more than three-quarters of the nation's energy needs. De la Espriella faces the challenge of convincing investors to return with "long-term fiscal certainty." Political risk analyst Sergio Guzmán emphasized that lifting the ban is not a simple matter. "It's not an on and off button," he told Semafor.

Moreover, Guzmán highlighted that security is a significant issue, as Petro's administration had negotiated ceasefires with numerous armed groups, reducing conflict levels. De la Espriella plans to reverse that trend, but Guzmán warns that increased security measures could provoke retaliation, potentially damaging vital infrastructure.