Colombia's De la Espriella Revives Fracking to Reverse Oil, Gas Decline

Colombian President Abelardo de la Espriella has authorized hydraulic fracturing, reversing his predecessor's ban, as the Andean nation confronts a deepening energy crisis and a record 8.1% of GDP budget deficit projected for 2026. Proven oil reserves fell nearly 1% year on year to 2.02 billion barrels at end-2025, while natural gas reserves plunged 17% to 1.717 trillion cubic feet, a multidecade low leaving roughly six years of supply. LNG imports, already supplying about a quarter of consumption, are forecast to reach one-third by 2027. October and November 2026 LNG contracts for Colombia are priced 79% higher than February 2026 after March strikes disabled roughly 17% of Qatar's processing capacity, pushing European spot prices to $24 per MMbtu versus $3.25 at Henry Hub. The U.S. Energy Information Administration estimates Colombia holds 6.8 billion barrels of technically recoverable shale oil and 54.7 trillion cubic feet of shale gas in the La Luna formation. Ecopetrol's suspended Kalé and Platero pilots with ExxonMobil in the Middle Magdalena Valley are central to the revival effort.