Government will not give new oil and gas exploration contracts

In his participation in the World Economic Forum in Davosthe Minister of Mines and Energy, Irene Velez, I affirm that no new oil and gas exploration contracts would be awarded.

(See: Oil is below government expectations: how it would impact).

“We decided that we will not award new oil and gas exploration contracts“, he stated in his participation.

According to the head of the portfolio, although this decision “it has been controversial“, represents a commitment in the fight against climate change, because it is an urgent decision to make the transition.

It should be remembered that although the Ministry had highlighted this message on several occasions, the Minister of Finance, José Antonio Ocampo, explained that it was an analysis that was ongoing and for which they were working together with the Ministry of Commerce and Ecopetrol, in order to establish whether or not it was necessary to grant new examinations.

(See: Ecopetrol creates the Offshore Vice Presidency: this is how it will work).

The message is also given after the president Gustavo Petro noted, also in Davos, “zero use of coal, oil and gas“, when he was consulted about his conclusions regarding the adaptations that should be made towards the future.

(See: Hydrocarbon exploration exceeded levels seen in 2019).

For now, the Government’s message has focused on the energy transition and on several occasions remarks have been made regarding the role of coal and oil in this process; although it had been stated that gas would be the fuel of the transition.

(See: Ecopetrol: sectors to which it will allocate the investment it will make in 2023).

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