Colombian President Gustavo Petro
Colombian O&G starts to feel investment squeeze
Decarbonisation strategy is already hurting upstream appetite and threatening near-term energy security
Colombian President Gustavo Petro hardly disguised his aversion to the country’s hydrocarbons sector heading into the 2022 election. Since taking office, his government has done much to hamper the upstream and left Colombia facing a severe gas deficit. In July, exploration drilling activity fell by around 20% year-on-year as regulatory changes and bans on new exploration and production contracts started to bite. At his most fiery, the president has compared the impact of oil and gas in Colombia to that of cocaine. “Petro’s administration has signalled a desire to reduce reliance on fossil fuels, which has led to a slowdown in new exploration activities and contract commitments,” said Jose Z
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
