Pro-business presidential win could unlock Colombia’s oil and gas sector: analysts in Oil & Companies News 06/06/2026 Colombia’s June 21 presidential election could reopen the country’s oil and gas industry if business-friendly candidate Abelardo de la Espriella wins, although passing any reforms would face significant obstacles, according to industry sources. De la Espriella led the May 31 election against Iván Cepeda but did not secure a majority, resulting in a second-round election scheduled June 21. Cepeda is an ally of President Gustavo Petro, who took office in 2022, pledging to reduce Colombia’s dependence on fossil fuels, halt the awarding of new oil and gas exploration contracts, and advance the transition to renewable energy. Colombia’s crude and condensate production has gradually declined from over 1 million barrels/day in mid-2015 to 762,000 b/d in April 2026, according to S&P Global Energy CERA data. As a result, it has become more dependent on energy imports. The production decline can be attributed to a combination of lower investment, logistical challenges and public order issues in the producing regions, according to analysts. “Petro’s main banner was to be against the industry, and he worked hard to send the message to communities that companies were the enemy,” said Silvia Ardila, director for Latin America at Speyside, an international advisory company specializing in corporate affairs and public policy. If De la Espriella is victorious, he has promised he will “unlock the regulatory door,” and there is hope he could do it, Ardila said. Oil industry supporters hope the “outsider” could take the necessary measures to “put the house in order,” he said. GeoPark looks to fracking Felipe Bayón, CEO of Colombia-based GeoPark, said June 3 there is a greater possibility that Colombia will allow fracking if De la Espriella wins. Bayón said this is where Vaca Muerta serves as an example for Colombia, given that Argentina went through a similar de