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Colombia is set to unveil a US$40B investment plan designed to replace revenue lost from fossil fuel exports, following its decision to end new oil and gas exploration two years ago.

Frank Pearl, president of the Colombian Oil and Gas Association (ACP), stands on the front lines of the industry’s relationship with the fervently anti-oil government of President Gustavo Petro. Pearl had just passed his one-year anniversary and Petro his second, so recently, I dropped by the ACP’s offices for a visit. I asked Frank where he saw the industry and where the association was going.

The government released a draft decree aimed at modifying existing regulations under Decree 1073 of 2015.

For years, oil has been one of the cornerstones of Colombia’s economy, playing a significant role in key indicators like exports, Gross Domestic Product (GDP), foreign investment, and job creation.

The government released a draft resolution aimed at updating guidelines for geological information and subsurface cartography, with broader implications for energy policy, disaster risk management, and the country’s sustainable development.

The uncertainty surrounding Colombia’s gas supply continues to spark concern, particularly regarding the country’s inadequate infrastructure to handle potential gas imports.

The National Association of Power Generators (Andeg) raised concerns over the potential impact of proposed changes to Colombia’s carbon tax, which could significantly raise energy costs for consumers.

Sandra Fonseca, executive director of Asoenergía, urged the Colombian government to prioritize natural gas resources to prevent a fuel crisis by 2025.

On September 13, a judge in Santa Marta issued a ruling that halted exploration and exploitation activities at the Uchuva 2 gas field, one of Colombia’s most critical energy projects in the coming years. The Ministry of Mines and Energy (MinEnergia) responded to this ruling.

The Ministry of Mines and Energy (MinEnergia) issued Resolution 40360 of 2024 to establish the criteria, minimum requirements, and standards that energy and gas infrastructure projects built under the “Work for Taxes” mechanism must meet for satisfactory approval.