New Colombian government's outlook on oil and gas
Colombia at a crossroads
The new government is seen as unfriendly to oil and gas but will have to be pragmatic in the face of energy challenges
The new Colombian government—led by the ironically named President Petro—is a keen supporter of the energy transition and has proposed tax reforms that threaten to stymie investment in upstream oil and gas. But the country remains heavily dependent on the oil sector for revenue and is facing a gas supply crisis, so there may be more continuity than change, at least in the short term. “The policy of this government is the energy transition,” says Camilo Andres Rincon, director of hydrocarbons at the Ministry of Mines and Energy of Colombia. Describing Bogota’s transition plans as “aggressive”, Rincon also emphasises that hydrocarbons still have a very significant role in the country’s economy
Also in this section
6 December 2024
The NOCs are both looking to take advantage of the petrochemicals boom, with the Saudi firm snapping up stakes in Asian JVs tied to offtake agreements and its Emirati counterpart striking big M&A deals
5 December 2024
While Donald Trump’s future sanctions policy is anything but certain, he may use a ‘carrot and stick’ approach to pursue an end to the war in Ukraine, although any changes will not happen overnight
5 December 2024
The latest sanctions on Gazprombank and other Russian banks may cause disruption, but willing buyers of Russian energy will find ways to continue payments
5 December 2024
The new edition of Outlook, our annual publication about the year ahead for energy, produced in association with White & Case, is available now
