Colombia's new leader moves to lift oil and gas exploration ban

Colombia’s incoming president, Abelardo de la Espriella, has pledged to rescind the prohibition on new oil and gas exploration licences that was enacted under former President Gustavo Petro’s environmentally focused agenda. Despite Petro’s ambition to position the country as a green-energy exemplar, fossil fuels supplied over 75% of national electricity demand in 2024, making the shift challenging. Political risk analyst Sergio Guzmán told one outlet that reviving the sector will require clear, long-term fiscal policies to attract major energy companies back to Colombia.

He also highlighted security as a major issue, noting that Petro’s administration had negotiated armistices with several armed factions, reducing conflict levels. De la Espriella’s promise of a crackdown on these groups could trigger retaliatory attacks targeting critical infrastructure, adding uncertainty for investors.