COLOMBIA · ENERGY
Key Facts
- The country Colombia, a South American oil exporter, wants to restart oil and gas projects that have stalled.
- What happened On Wednesday 4 November 2026 the National Hydrocarbons Agency (ANH) unveiled a plan to restart stalled drilling contracts.
- The price tag The agency says reviving the industry needs close to US$10 billion in new investment.
- The timing It expects the first quarter of 2027 to be the turning point for that spending.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
Colombia’s state oil agency told investors on Wednesday 4 November 2026 how it plans to get stalled oil and gas projects moving again. Ernesto Forero, president of the National Hydrocarbons Agency (ANH), which grants and oversees drilling contracts, said reviving the industry would need close to US$10 billion.
For US readers, the plan shows whether Colombia can attract foreign oil investors and secure more gas at home. Our report on the Rescue Law, the government’s fiscal rescue bill, explains the tax incentives that the oil plan leans on.
What Happened
Forero spoke at the IX Oil, Gas and Energy Summit in Cartagena, which runs from 4 to 6 November. He appeared with Frank Pearl, president of the Colombian Petroleum Association (ACP), the industry’s main trade group.
He described three fronts. The first is removing the causes that keep several contracts suspended, the second is adding incentives for large investments through the Rescue Law, and the third is sending clear institutional signals so private companies can find financing.
Forero invited companies to submit projects that raise output from existing fields. He said current oil prices make new investment easier to justify.
The Steps Already Taken
In August 2026 the ANH created a specialised team, the Strategic Group for Gas Projects Acceleration, to clear bottlenecks that keep new gas from reaching the market. It brings together legal, technical, environmental, social and contract experts who work directly with operators.
The agency has also reserved almost 20 million hectares across 12 basins for studies, a first step before new exploration areas can be offered. It says it now uses technical roundtables and an inter-sector hydrocarbons committee to deal with security, transport and community issues.
What the Industry Wants
Industry groups led by the ACP want the Rescue Law to remove a surtax on oil income and to offer long-term tax stability for large projects. They say the effective tax rate on oil extraction is about 50%, made up of a 35% base rate and a surtax of up to 15%.
The groups also warn that Colombia now imports about one third of the gas sold. The government has to weigh those demands against its own plan to cut spending and calm worries about public debt.
What It Means for You
If you own shares or bonds of Colombian energy companies, the key signal to watch is whether Congress keeps the oil incentives when it votes on the Rescue Law before the session ends on 16 December. A clear tax rule would make it easier for companies to commit money in early 2027.
For consumers, more gas output would reduce reliance on imports, which Colombia has used to cover shortfalls. Travellers will not see any change from this announcement.
What Is Not Known
It is not known which suspended contracts will restart first, or how many companies will bring new projects. The agency has not published a list of projects or a date for each step.
Whether Congress will accept the tax incentives is also open, and the US$10 billion figure is the agency’s estimate rather than a signed commitment. Oil prices, which Forero called favourable, can also change quickly.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
What Did Colombia’s Oil Agency Announce on 4 November 2026?
The National Hydrocarbons Agency presented a three-part plan: unblock suspended contracts, add incentives through the Rescue Law and signal support for private financing. It says the industry needs close to US$10 billion.
When Does the Agency Expect New Oil Investment?
It expects the first quarter of 2027 to be the turning point for new investment. No date has been set for individual projects.
What Is the Rescue Law and Why Does It Matter for Oil?
It is the government’s fiscal rescue bill, filed on 29 October 2026. The agency says it contains incentives for large investments, including in energy.
Does Colombia Still Import Gas?
Industry groups say imported gas now covers about one third of domestic demand. The agency’s team for gas projects aims to bring new local gas to market faster.
Sources: National Hydrocarbons Agency (ANH) of Colombia, statements by President Ernesto Forero at the IX Oil, Gas and Energy Summit, 4 November 2026; ANH, creation of the Strategic Group for Gas Projects Acceleration, August 2026; Colombian Petroleum Association (ACP), Rescue Law proposals, October 2026; Ministry of Finance and Public Credit of Colombia, Rescue Law, 29 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error