Colombia is reversing course on its clean energy strategy following the election of President Abelardo de la Espriella, who has pledged to revitalize the nation’s oil and gas industry. The country’s previous administration under President Gustavo Petro, the nation’s first left-wing leader, had implemented strict bans on new fossil fuel exploration contracts and secured substantial international funding for renewable energy projects. This approach resulted in dramatic growth in renewable capacity, expanding from 200 megawatts in 2022 to over 4,300 megawatts by 2026, with solar energy surpassing coal-generated electricity for the first time in 2025.
De la Espriella’s administration plans to authorize fracking under regulatory standards and restore focus to Ecopetrol, the state-owned energy company that experienced significant operational disruptions during Petro’s tenure. Under the previous government, Ecopetrol faced mounting pressures including higher tax burdens, management conflicts over investment strategy, termination of major international partnerships, and restrictions on new exploration activities. The company’s profitability declined sharply, with full-year profits dropping nearly 40 percent in the most recent year to approximately 9 trillion Colombian Pesos.
Petro’s policies had broader consequences for Colombia’s energy sector, with foreign direct investment in mining and oil declining 34 percent between 2023 and 2025. Domestic oil production fell 4 percent to 746,000 barrels per day, while crude reserves contracted by 54 million barrels. Natural gas imports increased significantly to meet domestic demand, rising from 3 percent of consumption in 2023 to 31 percent by 2025.
The new administration indicates it will pursue a dual-energy strategy rather than dismantling renewable infrastructure entirely. De la Espriella stated that energy transition must be “built from strength, not from weakness, from self-sufficiency and not from dependence.” Ecopetrol’s 2026 investment plan reflects this recalibration, allocating approximately 70 percent of its budget toward upstream hydrocarbon development while directing 30 percent toward infrastructure and cleaner energy projects. This approach aims to leverage fossil fuel revenues to support longer-term renewable energy initiatives while restoring the country’s oil and gas production capacity.
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