Venezuelan President Nicolas Maduro and Colombian President Gustavo Petro at the Miraflores Palace in Caracas, November 2022
Colombia’s upstream set for decline
Political decision-making casts doubt on the Latin American country’s ability to sustain energy self-sufficiency in the long term
The Colombian government’s decision to shut the door on new exploration contracts at the start of President Gustavo Petro’s tenure is set to impact domestic oil and gas production in 2024, as well as test the country’s long-term energy security and ability to plug lost fiscal revenues. Ending Colombia’s reliance on hydrocarbons exports has been at the centre of Petro‘s policymaking since taking office and reflects a strategic shift in favour of the energy transition, influenced by global trends and environmental concerns. “A complete transition away from fossil fuels seems unlikely during [Petro’s] presidency” Hiornes, Dragonfly “[Petro] appears intent on building his image as a glo
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
