BOGOTA: Colombian President Abelardo de la Espriella on Friday pledged to revive the country's oil and gas sector, restore state-owned energy company Ecopetrol and strengthen the electricity system, arguing that energy security would be a cornerstone of his administration.
Speaking during his inauguration, de la Espriella said Colombia would pursue an energy transition — a shift away from oil, gas and coal toward cleaner energy sources such as wind and solar power — but insisted it must not come at the expense of the country's oil and gas industry.
"I believe in the energy transition," he said. "But that transition must be built from strength, not from weakness, from self-sufficiency and not from dependence."
The remarks reinforce a sharp shift from former President Gustavo Petro, who stopped awarding new oil and gas exploration contracts while pushing Colombia toward renewable energy and making protection of the Amazon a centerpiece of his environmental agenda. Just four months ago, Petro's government hosted an international summit in the Caribbean city of Santa Marta aimed at building support for a global transition away from fossil fuels.
The commitments echo promises de la Espriella made throughout his presidential campaign, when he repeatedly vowed to expand oil and gas production and reverse key elements of Petro's energy policy.
Calling energy security "a matter of national sovereignty," de la Espriella said Colombia could not expect long-term prosperity by leaving its natural resources undeveloped.
He said rebuilding Ecopetrol, Colombia's majority state-owned oil company and one of the country's largest sources of government revenue and export earnings, would be "a definitive and absolute priority" after accusing the previous administration of weakening the company.
The new president also confirmed his government would authorize fracking — a method of extracting oil and gas by injecting water, sand and chemicals underground to crack rock formations — under what he described as "the strictest technical and environmental standards." He said his administration would also expand oil and gas exploration to rebuild Colombia's declining reserves, guarantee the country's energy security and attract investment back into the sector.
The president warned Colombia's energy system was in a "critical situation," citing declining oil and gas reserves, delayed energy projects and rising electricity demand.
He said the approaching El Nino weather phenomenon, which typically brings prolonged drought and can reduce hydroelectric power generation, meant there was little time to act.
"The El Nino phenomenon won't wait for us. To overcome it, it is imperative to implement urgent solutions," he said.
